TronWeekly

Crypto World News

You are here: Home / Archives for Philippine SEC

Philippine SEC

Philippines Initiates Plans To Dispense Government Bonds Through Blockchain-Based App

by

The Philippine Treasury Bureau, in collaboration with the Philippine Digital Asset Exchange and UnionBank, has entered efforts to develop a new blockchain-based mobile app to dispense government bonds. The move being labeled as the first issuance of treasury bonds to leverage UnionBank ‘s CEO, Edwin R. Bautista, on Blockchain technology, as reported by local press on 19 July.

Blockchain-based app to make investing in bonds straightforward

It is believed that up to 77% of citizens in the Philippines do not have access to a bank account. This implies that more than half of the population goes about their daily business without operating a bank account. This situation, in turn, led the Philippine treasury officials to further narrow the gap by launching a blockchain-based mobile app. The app provides an easy and convenient way to invest in their ventures in a larger section of the unbanked sector.

The National Treasurer of the Philippines, Rosalia V De, praised this move. Leon, who said the move would indeed help Philippine nationals to comfortably invest in retail treasury bonds without even having access to a bank account, especially the newest RTB-24.

The app would also allow people to easily invest up to a higher figure from as little as 5000 Philippine pesos ($100). Whereas, users of devices using internet payment services like Paypal and Gcash can now conveniently make immediate payments without unnecessary inconvenience.

Financial institutions embracing digital technology

Users can even pay for any banking and OTC services through wire transfer or online banking the UnionBank accounts. The app is equipped with additional features such as Ledger technology that aims to cut on both time and expenditures incurred during the verification and settlement process.

Mid last year, UnionBank launched the payment-focused Stablecoin, aiming to boost the country’s financial incorporation. Also, the coronavirus epidemic has further pushed the need for banking institutions to embrace the digital money and blockchain-based solutions due to the growing demand among the general public.

Unregistered Crypto Firms Flagged by Philippines Financial Watchdog

by

The financial regulator of the Philippines, Philippines Securities and Exchange Commission (SEC), has warned investors to be on alert to three unregistered crypto firms. The authority warned that the three companies might be potential scams, as they are not yet registered with appropriate government agencies.

Forsage among unregistered crypto firms flagged

Three flagged cryptocurrency firms are Forsage, RCashOnline, and The Saint John of Jerusalem Knights of Malta Foundation of the Philippines, Inc. The securities regulator warned the public that none of the above-mentioned firms had secured the relevant operating licenses or submitted documents for registration, leaving investors susceptible to fraud.

In its statement, the Philippines SEC asked investors to remain cautious when investing in companies with cryptocurrency. Notably, the Securities Regulation Code states that any individual engaged in illegal investment projects will face up to 21 years behind bars, in addition to P5 million ($100,891) in fines.

Forsage cryptocurrency firm, which Lado Okhotnikov created, is not listed with any relevant authority. It does not, therefore, have the lawful right to implore investment or sell crypto products. Moreover, the watchdog said the other unregistered crypto firm, RCashOnline, is not recognized as a partnership or a corporation.

Crypto scams on the rise amid COVID-19 pandemic

On the other hand, Saint John’s license was revoked as far back as 2003 due to refusal to report obligations. The warning by the Philippines SEC is the latest of caution to investors on blacklisted companies. In particular, investors have been warned to remain more careful than before when handing out their money during this coronavirus pandemic.

Earlier this year, the Federal Bureau of Investigations (FBI) warned that crypto-related scams are surging due to the COVID-19 pandemic worldwide. Besides, the government of Singapore revealed that the nation had seen a substantial rise in ransomware attacks in 2019.