The Philippine National Police (PNP)-Anti-Cybercrime Group (ACG) arrested five individuals on May 13, 2025, for allegedly offering an unregistered cryptocurrency investment scheme.
The operation, conducted at around 5:20 p.m. by joint operatives from the ACG-Cyber Response Unit and the Dagupan Provincial Cyber Response Team, was carried out in coordination with the Securities and Exchange Commission (SEC) through an entrapment strategy.
The suspects are facing charges for violating Sections 8.1, 26.3, and 28 of Republic Act No. 8799, also known as the Securities Regulation Code, in relation to Section 6 of Republic Act No. 10175, or the Cybercrime Prevention Act of 2012.
“Cryptocurrency investments are governed by existing laws, and violators will face serious penalties, including imprisonment.”
Brigadier General Bernard Yang, Acting Director, PNP Anti-Cybercrime Group
Yang also urged the public to report any suspicious or unauthorized cryptocurrency activities to the nearest ACG office.
In 2024, the PNP called for stronger cryptocurrency regulations following a major raid on a suspected crypto scam hub in Ermita, Manila, on October 28, 2024. The raid, which involved the SEC and PAGCOR, led to the arrest of 116 individuals, including Filipinos and foreign nationals, accused of using romance scams to lure European victims into fake crypto investments.
Currently, cryptocurrency has not been regulated as a distinct entity. Nevertheless, the Philippines has introduced several significant regulations, including licenses, guidelines, and legislative acts, to oversee its expanding cryptocurrency industry.
Key among these is the BSP’s Virtual Asset Service Provider (VASP) license, which regulates crypto exchanges and custodians. Other significant measures include ICO guidelines, the Bataan Freeport Charter for crypto mining, the proposed Digital Asset Act, and the use of the Securities Regulation Code to combat fraud and regulate digital asset activities.
Moreover, the SEC is currently working on its Crypto-Asset Service Providers (CASPs), titled “SEC Guidelines on the Operations of CASPs” It recently released a revised draft of the said regulations.
This article is published on BitPinas: PNP, SEC Entrap Five in Pangasinan Over Illegal Crypto Investment Scheme
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