SEC Warns Gemini | Weekly Crypto News Roundup May 29, 2023

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Photo for the Article - SEC Warns Gemini | Weekly Crypto News Roundup May 29, 2023

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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:

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: Advertisement or announcement on radio, television, telephone, electronic communications, information communication technology or any other forms of communication; or 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

Industry Developments

Photo for the Article - SEC Warns Gemini | Weekly Crypto News Roundup May 29, 2023

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.

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

Photo for the Article - SEC Warns Gemini | Weekly Crypto News Roundup May 29, 2023

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

Coins.ph Wei Zhou Interview with BitPinas

More News: Web3 and NFTs

Photo for the Article - SEC Warns Gemini | Weekly Crypto News Roundup May 29, 2023

Fintech News

Things to Note: Bitcoin

Things to Note: AI

Upcoming events and activities:

Photo for the Article - SEC Warns Gemini | Weekly Crypto News Roundup May 29, 2023

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

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.

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