Share this article
Philippines Lawmaker Urges Senate to Expedite Crypto Crime Bills
A Philippines senator is seeking to speed up the passage of legislation that would increase the penalties for crimes involving cryptocurrencies.
By Wolfie Zhao
Updated Sep 13, 2021, 7:50 a.m. Published Apr 17, 2018, 9:15 a.m.
Make us preferred on Google
A Philippines lawmaker is seeking to speed up the passage of legislation that would increase the penalties for crimes involving cryptocurrencies.
Leila M. de Lima, a Philippines' opposition senator, urged her colleagues in the legislative house on Monday to allow "swift passage" of bills she has previously introduced that propose raising the penalties for crypto crimes to one degree higher than currently.
STORY CONTINUES BELOW
Don't miss another story.Subscribe to the Crypto Daybook Americas Newsletter today. See all newsletters
As reported by CoinDesk, the politician first moved forward with the bill (SB 1694) in March after noting the increasing difficulty of investigating crimes that make use of the anonymity-providing features of cryptocurrencies.
De Lima's latest call to speed up the passing of the bill, however, was prompted by a recent bitcoin fraud case in the Philippines that saw 900 million pesos ($50 million) apparently taken from more than 50 residents.
According to a statement from the Philippine National Police on April 10, the scheme's suspected organizers – Arnel Ordonio and his wife Leonady Ordonio – have been arrested for allegedly swindling the investors.
"No matter how small or big a group, same punishment must be given. It should never be easy to escape after stealing the hard earned money of other people," de Lima said of the case.
To that effort, the senator is also urging the house to swiftly pass another bill (No. 959) that she introduced previously. The legislation, if passed, would reduce the criteria to qualify as a "syndicated estafa" crime from five to two perpetrators.
Under the current legal framework in the Philippines, syndicated estafa refers to scams that involve more than five individuals, who upon conviction, may be punished by life imprisonment or death.
Bitcoin image via Shutterstock
More For You
KuCoin captured a record share of centralised exchange volume in 2025, with more than $1.25tn traded as its volumes grew faster than the wider crypto market.
What to know:
- KuCoin recorded over $1.25 trillion in total trading volume in 2025, equivalent to an average of roughly $114 billion per month, marking its strongest year on record.
- This performance translated into an all-time high share of centralised exchange volume, as KuCoin’s activity expanded faster than aggregate CEX volumes, which slowed during periods of lower market volatility.
- Spot and derivatives volumes were evenly split, each exceeding $500 billion for the year, signalling broad-based usage rather than reliance on a single product line.
- Altcoins accounted for the majority of trading activity, reinforcing KuCoin’s role as a primary liquidity venue beyond BTC and ETH at a time when majors saw more muted turnover.
- Even as overall crypto volumes softened mid-year, KuCoin maintained elevated baseline activity, indicating structurally higher user engagement rather than short-lived volume spikes.
More For You
Bitcoin’s weakness versus gold and equities puts quantum computing fears back in focus
Some investors have revived concerns that quantum computing could threaten bitcoin, but analysts and developers say recent price weakness reflects market structure.
What to know:
- Bitcoin’s recent price stagnation has sparked a renewed debate over quantum-computing risks, with investor Nic Carter arguing that quantum fears are already shaping market behavior.
- On-chain analysts and prominent investors counter that the slowdown is better explained by large holders taking profits and increased supply hitting the market around the $100,000 level.
- Most bitcoin developers still view quantum attacks as a distant, manageable threat, noting that proposed upgrades like BIP-360 provide a path to quantum-resistant security and are unlikely to explain short-term price moves.
Top Stories
