- The SEC is hosting a webinar on October 10 titled “Investment or Scam? Digital Asset Version” to address the increasing cases of Filipinos falling victim to cryptocurrency scams.
- The webinar will feature Atty. Emilio B. Aquino, Chairman and CEO of the SEC, and Atty. Paolo Montano Ong from the Philifintech Innovation Office as speakers.
- It will be accessible for free on the SEC’s Facebook page, but participants can request an e-certificate by filling out the form.
The Securities and Exchange Commission (SEC) will conduct an episode of its webinar “Investment of Scam? Digital Asset Version” on October 10 (1PM) in response to the growing number of Filipinos falling for cryptocurrency scams. The webinar will aim to educate the public about the risks involved in investing in digital assets and how to avoid scams.
Fill out the form here: https://bit.ly/DigitalAssetsWebinar-SignUp
SEC Investment or Scam Webinar
The Commission announced on its Facebook page that it will educate Filipinos on investing in digital assets. The speakers for the webinar will be Atty. Emilio B. Aquino, Chairman and CEO of the SEC, and Atty. Paolo Montano Ong, Philifintech Innovation Office.
The webinar will be accessible free of charge on the SEC’s Facebook page, but participants who wish to receive an e-certificate must complete a form. The form will request details such as name, location, and occupation status. It also includes a pre-test about the upcoming webinar, as well as a question about the participant’s expectations for the program.
“Cryptocurrencies are vastly becoming more popular as new forms of investments in the digital era. But alongside their rising popularity are the number of individuals taking advantage of other people’s lack of awareness to scam them out of their hard-earned money,” the SEC wrote.
Recent Crypto Scams in PH
On October 2, at the Makati City Prosecutor’s Office, celebrities Mikee Quintos and Paul Salas, along with seven other victims, filed an estafa complaint against a cryptocurrency group, accusing four individuals of scamming them out of ₱8 million. The alleged scammers have been identified as John David del Castillo Ortiz, Margarita Ortiz-Tan, Ralph Francisco Torres Delfin Hernandez Villaruel Jr., and Julian Vincent Ortanez Parado.
Moreover, the Department of Information and Communications Technology (DICT) announced last month that it had confiscated SIM cards linked to money and cryptocurrency scams worth around P1 billion.
Also this year, Senator Risa Hontiveros warned that the Philippines have already been infiltrated of hubs for cryptocurrency scams, with traffickers employing foreigners to carry out the schemes. Previously, She revealed that Filipinos are being deceived into becoming OFW crypto scammers abroad.
SEC Initiatives on Crypto Regulation
Last month, the Commission and mobile e-wallet giant GCash collaborated to increase their efforts against the perpetrators of financial crimes and scams. GCash has an in-app cryptocurrency platform called GCrypto.
In July, SEC Commissioner Kelvin Lester Lee discussed updates to the cryptocurrency regulatory framework in the Philippines. He emphasized the need for investor protection and noted that the SEC’s cryptocurrency regulation has been renamed the “Digital Asset Security Service Providers Rules.” In another interview, Lee revealed that the regulatory framework was slated for release in November 2022 but was postponed due to the collapse of FTX.
In August, the Philippine SEC collaborated with the U.S. SEC, the Asian Development Bank (ADB), and the International Organization of Securities Commissions (IOSCO) to hold two workshops and sign a memorandum of understanding. The workshops were on investigation and enforcement training and exchange of information.
Earlier this year, the Commission signed a memorandum with the University of the Philippines Law Center (UPLC) through the University of the Philippines Legal Center Research Program. This memorandum will enable the Commission to conduct joint research and capacity-building projects focusing on cryptocurrency and financial technology regulation.
This article is published on BitPinas: SEC Announces Webinar About Cryptocurrencies
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