The Philippines SEC recently flagged Platinum Coin pawnshop, accusing it of offering unregistered securities. According to the SEC, Platinum Coin was offering returns of 50% in 30 days for investors, but was failing to obtain the relevant licenses to operate, making it a case of fraud. As such, SEC issued a cease and desist order, preventing it from advertising the sale of securities, with legal action to be taken against any who carries out promotional activities linked to the platform.

This move is part of increased monitoring of the digital currency industry by the country’s regulator, with the aim of protecting investors through public advisories and registration requirements. In April 2021, the SEC rejected the application of Lyka Gem tokens, supported by the Anti Red Tape Authority, making clear that proper disclosures are necessary in order to obtain the SEC’s consent.

Thus, it is clear that the Philippines SEC is determined to ensure cryptocurrency investors have adequate regulatory oversight. The regulator is pursuing strict measures to ensure investors are aware of their rights and any investment opportunities, in a system free from fraud or deception. Since digital currencies are becoming an increasingly key part of the global financial system, it is clear that governments are taking evermore active roles in ensuring the safety of their citizens by regulating the industry.



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