SEC Warns Gemini | Weekly Crypto News Roundup May 29, 2023
Get the latest updates in Philippine crypto and blockchain news with our comprehensive weekly roundup for May 29, 2023!
Subscribe to our newsletter!
What could go wrong if you announce that you are offering derivatives in the Philippines? It turns out even indicating that your company is planning to do so can already put you in hot water.
Here’s the top news:
- SEC Issues Advisory vs Gemini Exchange for Selling Unregistered Securities in the Philippines
- Masterpieces from Philippine National Artists to be preserved as NFTs by Scarletbox
- Multiple announcements from Coins.ph based, on the BitPinas interview, and more.
Regulation and Policy
SEC has issued an advisory vs Gemini Exchange
Last May 4th, Gemini Exchange announced it is launching its derivatives platform weirdly called “Gemini Foundation” outside the U.S. The news has been covered not just by BitPinas but by other sites like Fortune.com.
In our article at BitPinas we discussed that Gemini can only launch its platform locally if they obtain a license from the Securities and Exchange Commission (SEC).
Two weeks later, the SEC issued an advisory vs Gemini:
- SEC firmly said that it is illegal to sell “Gemini Derivatives” products, which are deemed a “security,” without the necessary registration and licenses in the Philippines to do so.
- The SEC took note that Gemini’s public announcement already constitute as a “Public Offering,” the relevant violation on the Securities Regulation Code is here:
3.1.17.3. Advertisement or announcement on radio, television, telephone, electronic communications, information communication technology or any other forms of communication; or
3.1.17.4. Distribution and/or making available flyers, brochures or any offering material in a public or commercial place or to prospective purchasers through the postal system, information communication technology and other means of information distribution.
We talked to a lawyer who did mention that yes, even a simple announcement could be a violation already as far as the regulators are concerned.
Check out our full article on the matter.
More regulation and policy news
- SEC is prosecuting 375 individuals in an investment scam clampdown.
- PNP arrested crypto scammers who target people already scammed by others.
- The Financial Stability Board (FSB) is preparing high-level recommendations on crypto regulation.
- Binance secures a license… in Thailand.
Industry Developments
NFT use case – Tickets
The crypto native has already been utilizing NFTs for a number of things – including for game assets (Axie Infinity) and art. But as far as the mainstream is concerned, the killer usecase might have finally been found by Stanible – concert and admission tickets.
- Just last week, it was revealed that the comedy group KoolPals’ NFT collection on Stanible, which gives exclusive perks and access to their podcast session and events, is the platform’s highest selling NFTs.
- Previously, NFT tickets to a local concert with famous musicians had also sold well on Stanible. I believe another one is underway.
I noted to some friends that this is increasingly becoming an important use case for NFTs. Selling NFTs is hard – you need to market yourself, your event, your activity, your art. And this is hard especially for someone who is just starting.
But an incredible use case is to target your most loyal fans. Any musician or artist has fans, but within a subset of that group are their “most loyal” group of supporters that the entertainment industry now call “stans”. The stans always support the artist. They buy the most recent songs. They go to the concerts. They watch on premiere night. They buy the merchandise. They have the income to support their “faves.”
And it turns out, if you have a concert and you’re selling tickets only as NFTs, they will certainly purchase those NFT tickets, provided that you give them a way to do so that is convenient to them.
Masterpieces from National Artists to be preserved as NFTs by Scarletbox
Scarletbox, a digital art and collectibles platform, is set to digitize the masterpieces of Philippine National Artists Botong Francisco, Vicente Manansala, and Gemino Abad into NFTs, marking a significant move in preserving and promoting the country’s cultural heritage.
- The upcoming NFT collaboration will be discussed in a Twitter Space event on May 31, 2023, featuring direct insights from the artists’ descendants and Abad himself. The event will also include a raffle of a canvas painting by Ronna Manansala.
- Purchasers of the NFTs will receive a premium collectible box with a live digital frame for physical display, a letter of authenticity, and a token vial, adding exclusivity and value to the NFTs. This follows Scarletbox’s previous successful NFT collection tribute to National Artist Larry Alcala.
More News: Crypto and Blockchain
- Article summary of our interview with Coins.ph CEO Wei Zhou.
- Coins.ph partnered with Investagrams
- Coins Pro Spot Trading now available in Coins.ph app.
- Coins also launched ARB – PHP trading pairs
- Pouch.ph now allows Filipinos in Canada to transfer money to the Philippines via the Lightning Network.
More News: Web3 and NFTs
- BlockchainSpace Creator Circle Launch Event
- Openfort raises $3M for wallet solutions for gaming projects.
- Artifract unveils Manansala NFT Collection
- Metacrafters on the ins and outs of NFTs
- Also, Metacrafters blockchain courses available at no cost for a limited time.
- Scarletbox ALAB exhibit in Makati
- YGG Pilipinas partners with Project Xeno
Fintech News
- BSP: Avoid Sangla-ATM Scheme
- GCash is rolling out face recognition to everyone.
- National Privacy Commission: Unauthorized transactions at GCash are due to users visiting gambling websites.
Things to Note: Bitcoin
- What is Bitcoin Pizza Day
- Step by step guide to buy Bitcoin
- Introduction to the Lightning Network
Things to Note: AI
- Five must-try AI web apps for beginners and enthusiasts
- Luis Buenaventura II: Can we rely entirely on AI?
Upcoming events and activities:
- Scarletbox Twitter Space with National Artists
- NFT Art Exhibit: Kayumanggi ng Kinabukasan
- YGG will be at 3XP Web3 Gaming Expo in the U.S.
- MetaverseGo will be at CONQuest
- GM Vietnam Event is hosting Lunacian Sports League.
- Chicosci Summer Party powered by Stanible
For more on the latest news on cryptocurrency in the Philippines, always check out BitPinas:
- Check out our website at https://bitpinas.com.
- We are also on Facebook, Twitter, and Linkedin.
- Check out our Telegram community for quick news and updates.
This article is published on BitPinas: SEC Warns Gemini, National Artists NFTs | Weekly Crypto News Roundup May 29, 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.
