Philippine Senator Leila de Lima has previously proposed a bill to intensify penalties for cryptocurrency-related crimes and even called for the swift expedition of the bill after the country witnessed its biggest cryptocurrency-related fraud unfold.
The major crime had also apparently inspired de Lima to improve the country’s existing laws on syndicated estafa. De Lima stresses that the country’s penal laws must adapt with the changing times.
The senator has found estafa as one of the illegal activities that involve cryptocurrencies:
“Unscrupulous individuals entice unsuspecting people to purchase fake bitcoins.”
Under the Presidential Decree (PD) no.1689, syndicated estafa is punishable by either life imprisonment or death if committed by a syndicate of five or more people.
After the Php 900 million crypto scam that was head by only two people, de Lima is seeking to lower the figure from five to two with Senate Bill (SB) no.959:
“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.”
In a senate press release dated April 16, de Lima urged the public to be vigilant as she warned against investment schemes that seem “too good to be true.”