Philippines Crypto & Blockchain News Roundup: April 2023

The month with arguably the most number of holidays outside Christmas is over. For us at BitPinas, April was a time to recharge and figure out where we are headed for the rest of the year. I have observed it was the same for many in crypto as well, but I vividly remember a meeting with a local company, who still had news to share just before Maundy Thursday!

• In the global front, we see the battle between the U.S. crypto companies and the U.S. Securities and Exchange Commission play out very publicly. 
• In the world of crypto, Bitcoin has regained the $30,000 level, while Ether benefitted (surprise! Ether bears) from the Shapella upgrade.
• Lots of events in the Philippines, but noteworthy is the launch of GCrypto, GCash’s crypto offering, to more people.

More of that in today’s April news roundup in cryptocurrency in the Philippines and abroad.

Regulatory Updates

In the Philippines, the Securities and Exchange Commission continues its crusade against scammers. 

• It halted Platinum Coin’s illegal investment scheme.
• Just today, we received a new press release that the Commission has issued implementing rules of Financial Products and Services Consumer Protection Act. Check out our related article: Does SEC Tag Crypto as Security Under the Financial Products and Services Consumer Protection Act?
• In non-regulatory update, Commissioner Kelvin Lee has recently bagged two international fintech leadership awards!

Elsewhere, the animosity between crypto companies and the U.S. SEC continues. Chairman Garly Gensler was grilled in the U.S. Congress, and can’t answer (or rather refused to answer) whether ETH is a commodity or a security.

• So in the meetup we attended organized by Bloomberg, we asked Binance and YGG what they think of ETH. Is it a commodity or a security?
• Coinbase, the most regulated crypto exchange in the world has now sought the help of U.S. courts to compel Gensler’s Commission to clarify crypto rules.

Meanwhile, in Europe, the European Union (EU) has established the Markets in Crypto-Assets (MiCA) regulation, which aims to regulate the issuance and provision of crypto assets and stablecoin services. Simply put, EU is providing clarity that the U.S. could not.

Last on our list, it seems the Philippine Supreme Court is looking into blockchain too:

• It sought the consultancy of local blockchain firm Twala for possible use of blockchain in notarization.

Industry Developments

April might be a short month, but there were a lot of developments in the local blockchain scene.

NFTs are taking center stage in the mainstream. 

• Actress Bella Padilla is making an NFT film.
• OPM icon and Eraserheads vocalist Ely Buendia is making an NFT too, available on Mintoo.
• Acadarena alum and now head of esports and web3 agency Metasports Joe Josue has salvaged what’s left of Kusho, the original Pinoy-NFT anime project left by its original founding team. Check out our interview.
• GCash entered the NFT scene via partnership with Likha.
• Bayckada, the local group of Bored Ape Yacht Club (BAYC) holders utilized their Bored Ape IP for a charity event in Manila.
• Filipinas NFT has launched its “Walang Katulad” Collection on Mintoo.
• Also on Mintoo, check out our interview with artists who sold out on the platform.
• A Filipino couple hosted a first-of-its-kind AR and NFT wedding.

Elsewhere, here are some notable news in the Philippine crypto scene.

• A former pastor is launching a new token to support christian churches.
• YGG is adding a new “content creation course” in its learning hub Metaversity, to be led by web3 influencer and entrepreneur Een Mercado.
• The former Solicitor General of the Philippines has conducted a lecture on Bitcoin at University of the Philippines. (Check out our Twitter thread here.)
• Play-to-earn marketplace Playdex is launching piso web3 gaming.

Finally, the Department of Health finally made it to BitPinas not because they are going to “blockchainize” the agency. But because their Twitter account suffered a “glitch” (they said). TLDR: The account said it would “PUMP ETH”.

• Department of Health Philippines’ Twitter account Briefly Hacked, promoting fake Uniswap airdrop.
• Users have raised concerns over the DOH Twitter account still actively promoting crypto and posting phishing ads despite claims that they are “in control” of the account.

Market Trends

Bitcoin ended the month at $29,362. Up from March’s close at $28,041. The most important thing here is that it finally breached past $30,000, the first time since June of last year. Check out our articles:

• News Bit: Bitcoin Breaks Past $30K, achieving highest price since June.

Next, everyone predicted that Ether’s price will decline because millions of ETH will be withdrawn the moment the Shapella upgrade hit. Shapella arrived and Ether’s price did the other way.

• News Bit: Ethereum network completes Shapella hard fork, enabling staking withdrawal capabilities

Events & Conferences

Coindesk just completed the annual Consensus event in Texas. This is arguably the most important crypto event every year. You can check out some of the videos here.

In the Philippines, check out some of the events we listed on the BitPinas events page.

• Polygon Guild Manila event
• Exploring the Regulatory Challenges Faced by the Blockchain Industry in PH
• Web3 Bootcamp
• Blockchain 101 for Beginners
• Creatives Fair

Binance and YGG had co-organized a number of University Tours this month. BitPinas was invited to Binance/YGG co-organized event presented by Bloomberg. We have one article about the event here:

• Is Ether a Security or a Commodity? YGG, Binance Execs Weigh In at Bloomberg Event in Manila

Finally, Draper Startup House Manila and BitPinas co-organized BBB Presents GCrypto – GCash NFTs!

• Watch the event here!

What’s Next?

As we head into May, we expect more updates about GCash NFTs and some new developments from the major crypto exchanges in the country. 

For more on the latest news on cryptocurrency in the Philippines always check out BitPinas.

• Check out our website at www.bitpinas.com
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• Check out our Telegram channel as well.

This article is published on BitPinas: Philippines Crypto & Blockchain News Roundup: April 2023

Disclaimer: BitPinas articles and its external content are not financial advice. The team serves to deliver independent, unbiased news to provide information for Philippine-crypto and beyond.