The cryptocurrency world is actually the same as the traditional financial system, and bad guys are always everywhere. Even as the price of bitcoin and other cryptocurrencies continues to rise, hacking and other illegal cases are also on the rise.

Against this backdrop, the Philippine Senate has called for a tougher crackdown on “cryptocrime” activities to clean up the country’s virtual currency industry by increasing penalties.

Senator Leila de Lima of the Philippines has submitted a cryptocurrency crime punishment bill and urged Congress to expedite the passage of the bill, aiming to implement stricter penalties for crimes in the cryptocurrency industry.

Just earlier this month, it was reported that two Filipinos, Arnel and Leonardy Ordonio, organized a cryptocurrency Ponzi scheme under the guise of their company NewG, promising investors large returns within 15 days.

In order to avoid such incidents, Leila de Lima, who previously served as the former Attorney General of the Philippines, stated when submitting Senate Bill (SB) No. 1694:

"I hope this incident will push my colleagues in the Senate to take my bill seriously and turn it into law as soon as possible. We know that virtual currency is similar to money and has a wide range of usage scenarios, so the punishment for related illegal acquisition is very important. necessary."

According to the draft bill, anyone who entices unsuspecting people to buy fake bitcoins, or sends virtual currency to pay for child pornography, as well as committing bribes using cryptocurrencies is a crime. Not only that,If the fraud involved at least five criminals involved, the sentence could be life imprisonment.