{"id":13245,"date":"2025-08-13T13:33:14","date_gmt":"2025-08-13T13:33:14","guid":{"rendered":"https:\/\/www.mundovideo.com.co\/en\/?post_type=asia&#038;p=13245"},"modified":"2025-08-13T13:33:14","modified_gmt":"2025-08-13T13:33:14","slug":"cryptocurrency-cyclone-manila-regulators-battle-rising-crypto-casino-crime-risks","status":"publish","type":"asia","link":"https:\/\/www.mundovideo.com.co\/en\/asia\/cryptocurrency-cyclone-manila-regulators-battle-rising-crypto-casino-crime-risks\/","title":{"rendered":"Cryptocurrency cyclone: Manila regulators battle rising crypto casino crime risks"},"content":{"rendered":"\n<p>Studies revealed a significant increase in the use of crypto casinos by global organized crime networks. These platforms, relying on cryptocurrencies, present growing challenges due to their <strong>anonymity<\/strong> and the difficulty of tracing transactions. The report highlights a recurring pattern of illicit actors exploiting blockchain-based gambling sites for money laundering and financing illegal operations worldwide.<\/p>\n\n\n\n<p>This analysis was endorsed by <strong>(AGB)<\/strong> and discussed during the recent <strong>ASEAN Gaming Summit<\/strong>, a crucial regional forum for gaming industry stakeholders.<\/p>\n\n\n\n<p>The Philippine gaming regulator <strong>PAGCOR<\/strong> characterized the findings as an <strong>urgent call to action<\/strong> for regulators and industry leaders, noting that the evolving challenge demands immediate and coordinated frameworks to safeguard the gaming sector and uphold financial integrity in Manila.<\/p>\n\n\n\n<figure class=\"wp-block-image size-full\"><a href=\"https:\/\/www.mundovideo.com.co\/landing\/multigame-link\/\" target=\"_blank\" rel=\" noreferrer noopener\"><img loading=\"lazy\" decoding=\"async\" width=\"1000\" height=\"340\" src=\"https:\/\/www.mundovideo.com.co\/en\/wp-content\/uploads\/sites\/2\/2024\/11\/ice-london-termino-y-se-despidio-la-feria-en-imagenes-mgl-1.png\" alt=\"\" class=\"wp-image-9725\" srcset=\"https:\/\/www.mundovideo.com.co\/en\/wp-content\/uploads\/sites\/2\/2024\/11\/ice-london-termino-y-se-despidio-la-feria-en-imagenes-mgl-1.png 1000w, https:\/\/www.mundovideo.com.co\/en\/wp-content\/uploads\/sites\/2\/2024\/11\/ice-london-termino-y-se-despidio-la-feria-en-imagenes-mgl-1-300x102.png 300w, https:\/\/www.mundovideo.com.co\/en\/wp-content\/uploads\/sites\/2\/2024\/11\/ice-london-termino-y-se-despidio-la-feria-en-imagenes-mgl-1-768x261.png 768w\" sizes=\"auto, (max-width: 1000px) 100vw, 1000px\" \/><\/a><\/figure>\n\n\n\n<p>Legally, the core framework is <strong>Presidential Decree 1869<\/strong> (PAGCOR Charter) and its amendment <strong>Republic Act 9487 (2007)<\/strong>; for anti\u2011money laundering, <strong>Republic Act 9160 (AMLA)<\/strong> as amended by <strong>RA 10927 (2017)<\/strong>\u2014which designates casinos as covered persons\u2014and <strong>RA 11521 (2021)<\/strong>\u2014which strengthened compliance and aligned with <strong>FATF<\/strong> principles for <strong>virtual asset service providers (VASPs)<\/strong>.<\/p>\n\n\n\n<p>However, the inherent pseudonymity and mobility of blockchain transactions complicate enforcement under existing laws. Authorities are considering updates to incorporate blockchain\u2011specific compliance measures, such as enhanced <strong>know\u2011your\u2011customer (KYC)<\/strong>\/<strong>EDD<\/strong>, VASP registration, and real\u2011time transaction monitoring consistent with <strong>BSP\/AMLC<\/strong> guidelines.<\/p>\n\n\n\n<p>Discussions at the event stressed the importance of <strong>cross\u2011border cooperation<\/strong> to counter the transnational nature of crypto\u2011casino crimes.<\/p>\n\n\n\n<p><a href=\"https:\/\/www.mundovideo.com.co\/en\/asia\/asean-strengthens-actions-against-illegal-online-gambling-in-collaboration-with-china\/\" target=\"_blank\" rel=\"noreferrer noopener\">ASEAN Strengthens Actions Against Illegal Online Gambling in Collaboration with China<\/a><\/p>\n\n\n\n<p>Economically, unregulated crypto casinos threaten the stability and reputation of the Philippines\u2019 gaming sector, which contributed <strong>over $6.0 billion in 2024<\/strong>, with <strong>\u20b1214.75 billion<\/strong> in gross gaming revenue in the <strong>first half of 2025<\/strong> (+26% y\/y). Illegal exploitation could deter legitimate operators and damage international partnerships, straining diplomatic relations within <strong>ASEAN<\/strong> countries pursuing a unified regulatory approach. The government\u2019s <strong>July 2024<\/strong> order to shutter <strong>POGOs<\/strong> over criminal links underlines the broader enforcement pivot against illicit operations.<\/p>\n\n\n\n<p>Operationally, while new regulatory demands may increase costs for licensed operators, these measures are considered necessary to reduce systemic risks. As this crypto casino cyclone intensifies, Manila stands at a pivotal moment to build a regulatory fortress against illicit financial flows and preserve sector integrity.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Economically, unregulated crypto casinos threaten the stability and reputation of the Philippines\u2019 gaming sector, which contributed over $6.0 billion in 2024, with \u20b1214.75 billion in gross gaming revenue in the first half of 2025 (+26% y\/y). <\/p>\n","protected":false},"author":1,"featured_media":13246,"menu_order":0,"comment_status":"closed","ping_status":"open","template":"","format":"standard","meta":{"inline_featured_image":false,"_genesis_hide_title":false,"_genesis_hide_breadcrumbs":false,"_genesis_hide_singular_image":false,"_genesis_hide_footer_widgets":false,"_genesis_custom_body_class":"","_genesis_custom_post_class":"","_genesis_layout":"","footnotes":""},"categories":[],"tags":[2323,2452,2345,3070],"class_list":{"0":"post-13245","1":"asia","2":"type-asia","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"tag-asia","8":"tag-pagcor","9":"tag-philippines","10":"tag-pogos","11":"entry"},"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v25.6 - 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