Despite its recent strides in the crypto landscape, the Philippines has recently fallen from 2nd to 6th place in the global crypto adoption index, according to a Chainalysis report. What’s causing this decline, and how can the nation climb back up? Is it regulatory challenges, market conditions, or something else altogether?
- On September 18, JPEX, a cryptocurrency exchange embroiled in regulatory scrutiny in Hong Kong, announced the suspension of all new trades. The move comes after HK’s Securities and Futures Commission issued a warning regarding the exchange amid waves of consumer complaints.
- For Jerusalem, this alleged rug pull is not new anymore, as many international exchanges have been shut for the past bear market. However, seeing that many Filipinos are using this exchange, the CEO pointed out that it is the influencers who should be accountable for promoting unverified information.
- “To tell you honestly, I’m not really familiar with JPEX. But with regards to the news, I think may involvement din ang promotions coming from different influencers and promotors that also one of the factors kung bakit naging one of the top news ito kasi na-inform iyong karamihan ng tao through their platform.”
- He also explained that saying crypto-centric phrases, such as “not your keys, not your wallet,” “due diligence,” and “do your own research,” in today’s era is not timely anymore, as many influencers already promote everything they can promote.
- “Since nagma-mature na nga iyong market, I think it is time for us to realize na the regulatory bodies are trying to keep up. At this point, it is not just time for builders to build products, it is also time for us to learn from the history itself, from the things happened in the past two years, na it should not be just us alone doing due diligence and do research, there should be accountability when it comes to people who try to inform you something.”
The Arrest of the ‘Crypto King’: How can cryptocurrency investors immediately identify scams when they encounter one?
- Earlier this month, CIDG director Maj. Gen. Romeo Caramat Jr. confirmed the arrest of self-proclaimed “crypto king,” Vance Joshua Tamayo, who is accused of orchestrating a cryptocurrency scam that fleeced his clients of a staggering sum of ₱100 million.
- “The way I understand it, parang ‘di sila tumatanggap ng mas mababa sa ₱1 million investment. There are specific groups of Filipinos who are really into this kind of scheme. And may market nang ganoon sa Philippines.”
- Basically, the crypto king’s scheme offers someone to give him the capital, and he will be the one to make the trade. Once the trade has been successful, he will then earn by putting interest from the profit.
- “It is too good to be true eh, mahirap siyang paniwalaan if hindi ka nagwi-wish ng easy money. If you will consider it as passive income, where you need to give your money to them for you to be able to earn more money. When it comes to this kind of scheme, always stay away, mahirap siyang labanan, iwasan mo na lang, there are lots of opportunities available.”
- On the other hand, talking about how these scams affect crypto adoption in the country, Jerusalem expressed that bad players highly influence the interest of non-web3 natives to enter the crypto ecosystem.
- “To give light sa mga na-mention ko kanina, palaging may ganyan na news (since 2018), pero we learn from it. Parang nagiging stepping stone yung mga bad news before para ma-build kung anong industry mayroon tayo ngayon, kasi we learn from it.”
- A recent report by Chainalysis revealed that Filipinos’ fear of scams is the main barrier preventing them from entering the crypto space.
MetaMask’s New Features: How does MetaMask adding support to more blockchains via Snaps influence adoption?
- Also this month, ConsenSys announced the public launch of the first iteration of MetaMask Snaps, a new system that claims to offer “unprecedented control and customization” to its users.
- Having a wallet is a must because a user cannot buy and hodl crypto without the wallet, as per Jerusalem.
- “And now, with this MetaMask Snaps, from a developer’s perspective, this is a very good news. We can integrate a lot of stuff inside the wallet itself.
- In a statement, MetaMask explained that this new system, offering users a new set of tools developed by third-party developers around the world, will empower individuals to tailor their web3 experience to their specific needs and preferences.
- “Dito papasok iyong interoperability. (Kung saan,) people can operate na from one blockchain to another through a wallet. Again, it is a very vulnerable feature pa, kaya sabi ng co-founder ng MetaMask, this is one of their ways to improve the product.”
On Grab’s In-App Web3 Wallet
- In Singapore, Grab introduced its in-app crypto wallet. Comes with support for the Polygon wallet, it has guidance on wallets and non-fungible tokens (NFTs).
- “I think this is a significant news kasi this is a good example and a proof-of-concept that the industry can work alongside regulatory body.”
- For Jerusalem, this initiative will be a good example to other countries about the use cases of blockchain technology. And if it succeeds, more companies may adopt and launch in-app crypto wallet.
- “If this kind of feature succeeds, siguro it is just a matter of time na other companies might as well utilize web3 features on their products.”
Philippines Drops to 6th in Global Crypto Adoption Index
- Dropping from its previous second-place position, the Philippines now holds the sixth spot in this year’s Chainalysis Crypto Adoption Report, with India, Nigeria, Vietnam, the United States, and Ukraine surpassing its ranking.
- According to Jerusalem, the Philippines secured the second spot last time because of the interest of Filipinos in the play-to-earn scheme.
- “Now, with this current market situation where crypto is in bad shape compared to what it was in the previous bull run, iyon siguro yung one of the factors.”
- To be able for the Philippines to climb back again to the top list, the CEO admitted that the community cannot re-do what it did before. This means that a new path should be initiated by the community to attract more web3 natives.
- “What I think, is (we) should give more time to build actual products that have real-world use case—more lines of codes that more lines of lip service.”
- Jerusalem further explained that companies who created real products stood out more than those who failed to develop during the bear market.
- “Personally, it is a good sign that they are trying to keep-up talaga, learning from industry practitioners on what are the things that the industry needs and how can they align it with the regulatory bodies,” the CEO commented on SEC’s active engagement with the #CryptoPH community.
This article is published on BitPinas: How Can PH Move Up the Crypto Adoption Index Again | BitPinas Webcast 24
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