CryptoPH Weekly News Roundup April 1 – 7, 2024

From the SEC advisories to new updates from YGG, here is your crypto news recap for the past week.

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Welcome to the weekly crypto newsletter of BitPinas, we’re we recap all the news from last week. If you want to receive this on your email, subscribe to our newsletter below:

SEC Vows to Shut Down Binance App

The Securities and Exchange Commission of the Philippines has explained its decision to ban Binance, the largest global cryptocurrency exchange, in an interview with One News. SEC also said they intend to shut down the Binance app that is still accessible despite the ban.

According to Atty. Paolo Ong, Officer-in-Charge of the SEC Philifintech Innovation Office, with Binance already operating without a license, the SEC had reached out to the platform but ultimately felt that Binance did not make any effort to get a license or engage in dialogue with them.

Recto: Dept. of Finance, SEC to Coordinate to Draft Crypto Guidelines

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To regulate the registration and trading of cryptocurrencies in the country, Department of Finance (DOF) Secretary Ralph Recto disclosed that the department is coordinating with the SEC to establish comprehensive guidelines.

“We have to be careful with these since many cryptocurrencies are scams and not all of them are probably viable.”

Ralph Recto, Secretary, Department of Finance

ICP HUB Philippines to Host Nationwide Web3 Hackathon

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Local community ISLA Camp, or the ICP HUB Philippines, is set to host the nationwide hackathon “iThink Hackathon” inviting developers and teams in the country to build projects on web3 using the blockchain infrastructure Internet Computer Protocol (ICP). It will commence online from April 6 to 22, 2024.

YGG Pilipinas Launches Nationwide Road Trip, Starts April 2024

Yield Guild Games (YGG) Pilipinas, a community supporting web3 adoption in the Philippines announced the start of its annual Roadtrip from April to July 2024 with the goal of bringing web3 closer to Filipinos at the grassroots level.

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This year, the Roadtrip will be visiting six locations for over four months where attendees will have the opportunity to learn about web3, play new games, and meet fellow community members. 

According to the organizers, each leg of the Roadtrip will include meet-and-greets, game demos, competitive matches, and a live rendition of the Discord show Crypto Fiesta. There will also be educational sessions by Web3 Metaversity, covering cryptocurrency, blockchain, and trading fundamentals. 

Moneybees, Tambunting Bring Crypto To 97 Pawnshop Branches Nationwide

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To further extend the reach of its crypto services, over-the-counter (OTC) cryptocurrency exchange and licensed virtual asset services provider (VASP) Moneybees recently announced its strategic partnership with pawnshop conglomerate Tambunting Kahera ng Bayan branches.

According to the media release, the collaboration includes various pawnshop brands under Tambunting Kahera ng Bayan which aim to expand market reach, target new customer segments, and promote financial inclusion, particularly in underserved communities nationwide.

The other pawnshops are JPT Central in Forbes Park, Aurotam Pawnshops, Prime Phil-Asia Star Pawnshops, Prime Quality Supreme Nation Pawnshops, Prime Sealand Pawnshops, and Reliance Prime Equity Pawnshops.

PDAX CEO Discusses Bitcoin Halving Effect in Crypto Adoption

Bitcoin Institutional Adoption - Impact of Bitcoin ETFS and Upcoming Bitcoin Halving

In anticipation of the bitcoin halving (or halvening, as it is sometimes called) scheduled for this month, licensed crypto exchange PDAX organized a meetup in Makati City aimed to explore the effects of the ongoing crypto bull run and the forthcoming halving on the country’s macroeconomy.

Gaba noted that institutional involvement in the crypto market has fueled heightened excitement leading to the forthcoming halving event.

“Bitcoin has been around for roughly 15 years. And in those 15 years, the only ones who were ever really buying and selling bitcoin were retail individuals like us, right? People like you and me, buying and selling bitcoin. But ever since the ETFs (exchange-traded funds) were approved, we started seeing a lot of the fund managers take bitcoin positions… If you think about it, there is probably 100 or 1000 times more money being managed by institutions than by retail individuals.”

Nichel Gaba, CEO, PDAX

XM, eToro Flagged by SEC for Unlicensed Investment Operations

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The advisories state that XM and eToro are offering investments illegally to the public in the Philippines.

  • These platforms have also engaged in promotional campaigns targeting Filipino investors, offering trading in cryptocurrencies, stocks, and other financial products without the necessary SEC registration and license, the Commission said in its advisories.
  • More importantly, the SEC said neither XM nor eToro is registered as a corporation in the Philippines, nor do they possess the necessary license or authority to sell securities or engage in brokerage activities as required under the Securities Regulation Code (SRC).

The advisories are meant to inform and protect Filipino investors from the risks associated with investing through unregulated and unregistered online platforms, the Commission stated.

Upcoming: #CryptoPH Conversations Event

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See you at the next #CryptoPH Conversations, happening this April 19, 2024. We are now sold out but you can still sign up for the waitlist here.

This article is published on BitPinas: CryptoPH Weekly News Roundup April 1 – 7, 2024


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