For this business group, regulations must be passed soon to protect the investing public from the risks of cryptocurrency.
Proper Knowledge is Still Lacking – SharePHIL
The Shareholders Association of the Philippines (SharePHIL) thinks that since cryptocurrencies are going mainstream, it’s very important that rules are in place to protect Filipinos.
Speaking to Ms. Cathy Young on ANC, SharePHIL director Ed Francisco cites the growing number of Filipinos who invested in bitcoin without exactly knowing what it is. As an example, Mr. Francisco shared how his own children took the bitcoin plunge without completely understanding the digital coin.
In the Philippines, it is not exactly easy or difficult to invest in the stock market. However, barriers on crypto investing are relatively lower compared to other investment instruments. It is easier to get a Coins.ph account and convert your money into bitcoin than converting your money into shares in a public company.
Krops as an Example
In addition, Mr. Francisco cited the SEC’s cease and desist order against Krop Coins, as a welcome ruling, but also a lesson that an unregulated crypto is a danger to Filipino investors.
Black Cell Technologies, an HK-based firm under Mr. Joseph Calata launched the Krop Coins ICO, only to be issued by a cease and desist letter by the SEC for violation of the Securities Regulation Code. For the regulator, cryptocurrencies that are securities must be registered.
On the Blockchain
Mr. Francisco, however, has praises for the blockchain, the technology that runs behind bitcoin and numerous other cryptocurrencies. For him, it is something that must be welcomed across all industries.