SEC Issues Advisory against CryptoPayz
Accordingly, the SEC advised the public not to invest or stop investing in CryptoPayz and in all other entities promoting or applying the same or similar scheme.
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Accordingly, the SEC advised the public not to invest or stop investing in CryptoPayz and in all other entities promoting or applying the same or similar scheme.
Read moreThe Commission also indicated that the names involved will be reported to the Bureau of Internal Revenue (BIR) so that the appropriate penalties and/or taxes be correspondingly assessed.
Read moreâWe remain the only bank with real links to crypto exchanges and open to retail accounts and traders,â Arvie de Vera of UnionBank said in a phone interview.
Read moreRecently, the SEC also flagged 2 entities leveraging on the emerging market of cryptocurrency and play-to-earn games.
Read moreSEC also emphasized that OUTRACE is not registered as a Virtual Asset Service Provider (VASP) with the Bangko Sentral ng Pilipinas (BSP).
Read moreTranslated from: SEC Issues Advisory Against âCrypto Assetâ Naglabas ang Securities and Exchange Commission (SEC)Â ng isang abiso sa publiko
Read moreFurther, the memo pointed out that banks are required to exercise a âhigh degree of diligenceâ as jurisprudence charges banks with the âobligation to treat their clientâs account with the highest degree of care.â
Read moreSEC stressed that Crypto Asset is also not registered as a Virtual Asset Service Provider (VASP) with the Bangko Sentral ng Pilipinas (BSP) and does not have a corresponding Certificate of Authority as a Money Service Business.
Read moreâWe have also seen a number of remittance companies now using crypto to remit money instead of using the traditional clearing and settlement models.”
Read moreAng pagkakaroon ng regulasyon ay hindi nangangahulugan na ating iniendorso ang cryptocurrency bilang legal tender o ‘storage of value’.
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