![]() In order to ensure that investors are duly protected, the SEC’s policy is to inform and warn the public about trending and dangerous investment schemes and confirmed scams through periodical issuances of Public Advisories for the protection of Filipinos. Thus, in its advisory dated January 8, 2021, “the Commission stated that some of these new virtual currencies, based on the facts and circumstances surrounding their issuance, follow the nature of a security as defined by Section 3.1 of the Securities Regulation Code (SRC).”Īlso, “when a virtual currency is likewise analogous to any of the types of securities under Section 3.1 of the SRC, there is a strong possibility that the said virtual currency is a security under the jurisdiction of the SEC and has to be registered and necessary disclosures have to be made for the protection of the investing public.” Moreover, Philippine case law is clear as to what constitutes an investment contract,” it added. “The Securities Regulation Code is clear as to what constitutes securities. The SEC said it is clear that the Commission has jurisdiction over digital assets classified as securities. The commission warned that, “The public is always reminded to be vigilant, if not, avoid transacting with entities without any primary registration or licenses to do business in the Philippines in order to avoid losing their hard-earned money.” Per verification with the SEC’s database, the Commission said “Axie Infinity or Sky Mavis is not licensed to do business in the Philippines as a branch, regional area/operating headquarters or a representative office.” “It also does not possess any secondary license to conduct any regulated activity within the Philippines,” the SEC said.
0 Comments
Leave a Reply. |