An information and communications technology advocate has called for urgent and coordinated crack down on unlicensed cryptocurrency platforms enabling large-scale crimes, including human trafficking, scams, drug operations, and illegal gambling.

In a media statement on Tuesday, Dr. Reyner M. Villaseñor, DPA, co-chair of the ICT Committee of the European Chamber of Commerce of the Philippines, urged the Securities and Exchange Commission, Department of Information and Communications Technology, Bangko Sentral ng Pilipinas (BSP), and other government agencies to take immediate steps. 

He said regulators should delist unauthorized crypto apps, enforce ISP-level access blocks, deploy advanced cybercrime tracking tools, and launch a nationwide digital literacy campaign. 

Citing data from the Global Anti-Scam Alliance, Filipinos lost an estimated P460 billion to online crimes in 2024 — equivalent to 1.9 percent of the country’s GDP. 

The BSP also recorded P5.82 billion in cybercrime losses among supervised financial institutions last year, a 212 percent increase from 2023.

“These numbers paint a grim picture: the Philippines is now in the midst of a digitally enabled crime epidemic — one that calls for immediate public vigilance, private sector safeguards, and proactive regulatory intervention and law enforcement action,” Villaseñor said.

“Criminal syndicates are exploiting regulatory gaps to carry out diverse illegal activities, using unlicensed and unregulated cryptocurrency platforms as their tools,” he added.

Despite advisories, cease-and-desist orders, and blocking directives from the National Telecommunications Commission, major unlicensed crypto exchanges remain accessible in the Philippines.

“This is not just a regulatory oversight — it’s a national security crisis in the making,” Villaseñor warned, pointing to inconsistent enforcement.

“This systemic weakness creates a haven for foreign syndicates. The Philippines is no longer just a victim — it is rapidly becoming a launchpad for global organized crime.”