Securities and Exchange Commission (SEC) Chairman Emilio Aquino emphasized the Commission’s efforts to expose crypto-related scams and collaborate with media to protect po consumers, aiding the Philippines’ bid to exit the Financial Action Task Force grey list. He mentioned this during a press conference in Makati, last February 27, 2025.
During the press conference’s question and answer session, Aquino responded to BitPinas’ inquiry about whether the SEC’s advisories against unlicensed and unauthorized crypto entities and investment offers contributed to the country’s exit from the grey list.
- He explained that it did contribute, and the Commission primarily focused on uncovering crypto scams and working with media partners, describing these fraudulent schemes as “moving targets” that they have been tackling since he became chairman in 2018.
He also emphasized that the SEC is strengthening regulations on digital assets to combat financial crimes and stressed that the SEC views media collaboration as essential in spreading accurate information and preventing scams.
- “The only way to fight itong mga false information is trying to give the right information. That’s why we consider you guys [media] as our partners. As the only way we can inform our kababayan. So, that’s why we are investing a lot in our media partners. Because you guys are the ones who can help us disseminate as many [information] to somehow prevent this [crypto-related schemes] from happening,” he noted.
However, despite enforcement efforts, he acknowledged that illicit operators continue to adapt and find ways to operate.
Aquino highlighted that fraudsters using cryptocurrencies as a front to lure victims into Ponzi-like schemes remain a significant issue. He pointed out that many OFWs and local investors fall prey to these scams, thinking they are engaging in legitimate crypto trading.
What’s next?
Looking ahead, Aquino stressed the need for a robust regulatory framework to address actual crypto trading and ensure compliance with FATF requirements.
“Actually, (it is) the other requirement for FATF in 2027 where they will be evaluating. Major issue na ‘yang virtual asset service providers. Hindi pa naman nila na-impose, but that’s exactly why we had already exposed the draft rules,” Aquino stated.
The SEC stressed that it remains committed to educating the public and strengthening regulations to prevent further financial harm.
SEC on Crypto
The SEC has been actively warning against unauthorized crypto investment schemes due to the rising interest of Filipinos in cryptocurrency.
- Notably, last year, the Commission issued advisories against XM and eToro for illegally targeting Filipino investors and operating without proper registration. Binance was also banned due to its failure to register in the Philippines.
- Additionally, in collaboration with the National Telecommunications Commission (NTC), the SEC also ordered internet service providers to block the websites of OctaFX and MiTrade.
The SEC is continuously issuing advisories warning the public about the unauthorized and potentially fraudulent crypto investment schemes. For previous SEC advisories, visit the BitPinas page.
What does exiting the grey list mean for Filipinos?
The Commission stressed that the Philippines’ exit from the FATF grey list signals improved financial credibility, attracting more foreign investments and boosting business confidence.
Aquino highlighted that the exit is expected to lead to increased foreign direct investments (FDIs), infrastructure development, job creation, and economic growth. He added that the country may also see a credit rating upgrade, making it easier to access global financial markets.
What is the FAFT Grey list?
The Financial Action Task Force (FATF) grey list includes countries that need to improve their anti-money laundering and counter-terrorism financing rules. While not as risky as those on the blacklist, these countries face stricter financial checks and challenges in attracting foreign investment.
- Countries on the grey list face stricter financial checks, making it harder to attract investments and conduct international transactions. Countries in this list must work with FATF to fix their weaknesses, or they risk being moved to the blacklist, which brings harsher economic restrictions.
Worth reading: In January, the Philippines’ SEC released proposed rules for crypto-asset service providers. These rules covered licensing, compliance, marketing, cybersecurity, anti-market manipulation, and penalties.
This article is published on BitPinas: SEC: Anti Crypto-Scheme Advisories Aid PH Exit FATF Grey List
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