Crackdown on unlicensed crypto platforms sought

The Philippines need to clamp down on unlicensed cryptocurrency platforms that serve as the financial backbone of organized crime syndicates operating within and beyond the country's borders.

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Reyner Villaseñor, co-chair of the ICT Committee at the European Chamber of Commerce of the Philippines, said that unlicensed cryptocurrency exchanges, operating without regulatory oversight, have fueled kidnappings, human trafficking, large-scale scams, as well as drug and illegal gambling operations.

"Criminal syndicates are exploiting regulatory gaps to carry out diverse illegal activities, using unlicensed and unregulated cryptocurrency platforms as their tools," Villaseñor said.

These shadow platforms, he said, are enabling criminals to move millions in illicit funds with little to no trace — and the consequences are now surfacing in deeply alarming ways.