The largest stablecoin issuer, Tether, has announced a collaboration with Uquid, a Web3 e-commerce platform. This partnership enables residents of the Philippines to pay their Social Security System (SSS) contributions using the stablecoin issued on The Open Network (TON). Additionally, Uquid has released a detailed guide for citizens on how to use USDT-TON to pay […]
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Philippines Regulator to Unveil Cryptocurrency Regulatory Framework in Second Half of 2024
Emilio B. Aquino, chairperson of the Securities and Exchange Commission in the Philippines, announced plans to introduce a regulatory framework for cryptocurrency in the latter half of 2024. Aquino expressed optimism that tech giants Apple and Google will promptly comply with the SEC’s request to remove Binance’s applications from their app stores. Safeguarding the Interests […]
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Philippines Securities Regulator Requests Apple and Google to Remove Binance Apps
The Securities and Exchange Commission (SEC) of the Philippines has requested that tech giants Apple and Google remove Binance apps from their respective app stores. The SEC chairman stated that the blockade on Binance, coupled with the removal of its app, curbs the further spread of its unlawful activities in the country. Binance Apps Pose […]
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Philippines Blocks Binance, Citing Threat to Security of Investor Funds
The Philippines has proceeded to block crypto exchange Binance. The country’s Securities and Exchange Commission (SEC) has concluded that the public’s continued access to Binance’s websites and apps “poses a threat to the security of the funds of investing Filipinos.” The Philippine SEC Warns Against ‘Investing in and Using Binance’ The Philippine Securities and Exchange […]
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Central Bank of the Philippines to Complete Wholesale CBDC Pilot This Year, Hints at Securities Focused Use Case
The Central Bank of the Philippines revealed that it aims to conclude the ongoing wholesale CBDC pilot, Project Agila, later this year. The pilot, which currently includes the participation of six local financial institutions, might be the gate for democratizing access to securities according to Deputy Governor for Payments and Currency Management Sector Mamerto Tangonan. […]
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Philippines to Develop Blockchainless Wholesale CBDC in Two Years
The Central Bank of the Philippines will develop a central bank digital currency (CBDC) in the next two years, according to Governor Eli Remolona Jr. The still unnamed CBDC will focus on the wholesale market and won’t use blockchain tech, instead relying on the Philippine Payment and Settlement System, owned and operated by the central […]
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Philippines Securities Regulator Says Binance Is Operating Without a License
Crypto exchange Binance is not a registered corporation in the Philippines hence its activities in the country are not above board, the Asian country’s securities regulator has said. The regulator warned of a possible jail term for individuals found enabling Binance’s activities in the Philippines.
Licensed Overseas Organizations Still Need to Get Local Approval
According to the Philippines securities regulator, crypto exchange Binance is not a registered corporation and has been operating without the necessary license or authority. In an advisory issued on Nov. 28, the Asian country’s Securities and Exchange Commission (SEC) alleges that Binance has been “actively employing promotional campaigns” despite not having the requisite license.
Explaining why it has warned Filipinos against using Binance, the SEC said it is aware that some online crypto exchange platforms are in possession of licenses issued by overseas institutions. However, the regulator insists brokers and crypto exchanges still need to obtain licenses from it before selling or offering securities and investment products to the public.
To get the license, operators of crypto exchange platforms must submit an application for registration together with details on the issuance price, use of the proceeds as well as the nature of the securities. Also, they must be in possession of “a secondary license to sell offer securities to the public.”
Possible Jail Term for Offenders
The SEC claimed that since Binance has not submitted an application for registration it is therefore in violation of the relevant section of the Securities Regulation Code (SRC).
Meanwhile, in addition to advising against the use of Binance, the regulator revealed the penalties that offenders face.
“Those who act as salesmen, brokers, dealers or agents, representatives, promoters, recruiters, influencers, endorsers, and enablers of the Binance platform in selling or convincing people to invest in this platform within the Philippines even through online means may be held criminally liable under Section 28 of the SRC and be penalized with a maximum fine of five million pesos (P 5,000,000.00) or imprisonment of Twenty One (21) years or both pursuant to Section 73 of the SRC,” the SEC said.
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Vietnam, the Philippines, and Brunei to Join ASEAN QR Payment System to Reduce Dependence on US Dollar
Vietnam, the Philippines, and Brunei will join a QR payment system to settle cross-border payments using local currencies within the Association of Southeast Asian Nations (ASEAN) bloc. The network, already being used between Indonesia and Malaysia, aims to interconnect all ASEAN nations to reduce their dependence on the U.S. dollar.
Vietnam, the Philippines, and Brunei to Join ASEAN Payments System
Vietnam, the Philippines, and Brunei will join a payments initiative that aims to connect all countries of the Association of Southeast Asian Nations (ASEAN) bloc, according to Perry Warjiyo, governor of the Central Bank of Indonesia. The payment system, which uses QR codes to simplify the settlement of cross-border payments, uses national currencies to reduce the bloc’s dependence on the U.S. dollar.
Warjiyo detailed that Vietnam is currently in talks with the local industry to agree on a national QR system and is expected to join the system later this year, while the Philippines is organizing industry leaders to achieve regional connectivity. Meanwhile, Brunei is in the initial steps of regulating its internal payment industry.
The payment system has been operating between Indonesia and Malaysia since May, allowing citizens of both countries to travel between the nations and pay using QR codes, simplifying the process of making cross-border payments.
Warjiyo detailed that Indonesia, Thailand, Malaysia, and Singapore were working to implement bilateral and multilateral payments using this system, indicating that the final goal was to interconnect Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, the Philippines, Singapore, Thailand, and Vietnam. Warjiyo stated:
This commitment will help facilitate seamless and secure cross-border payments. Gradually all of the countries will be connected in their payments with local currencies being used.
De-Dollarized Payments a Priority
Countries of the ASEAN bloc have declared that moving away from the U.S. dollar in financial settlements is a priority, including this issue as part of the final declaration of the 42nd ASEAN Summit held in Indonesia in May. At the time, leaders of ASEAN stated that they “encourage the use of local currencies for economic and financial transactions among ASEAN member states to deepen regional financial integration.”
Indonesian President Joko Widodo has also reinforced the need to stop using foreign payment systems and focus on national currencies to avoid “possible geopolitical repercussions,” citing the sanctions enacted against Russia as an example.
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Cybercriminals Use Crypto Gaming to Steal Millions — Philippines National Police
The cybercrime fighting unit within the Philippines National Police has asked residents to be wary of rewards promised by play-to-earn (P2E) games because they can be used to steal crypto assets worth millions of dollars. The unit said players can reduce the chances of losing money to scammers by doing their own research before committing funds.
Role Played by Custom-Made Gaming Apps
The Philippines’ cybercrime fighting unit, the National Police Anti-Cybercrime Group (PNP ACG), has told residents to be wary of rewards offered by play-to-earn (P2E) games as such games are increasingly being used to steal crypto assets worth millions of dollars. In a warning published in the unit’s latest cyber security bulletin, the cybercrime unit said the theft of unsuspecting victims’ crypto assets is perpetrated via custom-created gaming apps.
According to the unit, these gaming apps lure victims with promises of “huge financial rewards directly proportional to investments to potential targets.” Such promises are usually made after criminals have succeeded in cultivating relationships with victims over time. The group added:
They then introduce victims to an online or mobile game, in which players purportedly earn cryptocurrency rewards in exchange for some activity, such as growing ‘crops’ on an animated farm. The mobile games have been designed to display fake rewards that accumulate as the victim plays.
Once a victim stops depositing crypto assets into an already compromised wallet, the cybercriminals then siphon the funds. The cybercrime unit added that hackers usually get away with such crimes because “cryptocurrency is relatively new and not well-regulated.”
Advantages of Crypto Gaming Over Traditional Games
The police bulletin nevertheless acknowledges the advantages of crypto gaming over traditional games, citing the popular P2E gaming platform Axie Infinity which is said to offer players a variety of ways to earn money.
However, the level of investment which is sometimes needed to play can put off some players. On the other hand, players can also lose their digital assets when they sent them to a “wallet that does not support the asset.”
The bulletin further says players can reduce the chances of losing money to scammers by doing their own research before committing funds. They should also be on the lookout for fake individuals and deceptive links.
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Philippines Law Enforcement Busts Crypto Scam Center, Over 1,000 Human Trafficking Victims Rescued
Over 1,000 human trafficking victims were recently rescued from a “fraud factory” in Mabalacat, a town located nearly 90 kilometers northwest of Manila, Philippines law enforcement has said. Michelle Sabino from the Philippine National Police Anti-Cybercrime Group said trafficking victims use social media platforms such as Facebook to lure unsuspecting individuals.
Cryptocurrency Scams
According to Philippines law enforcement, over 1,000 human trafficking victims were rescued following a recent raid on a compound in Mabalacat, approximately 90 kilometers northwest of the capital, Manila. According to officials, many of the trafficking victims came from Vietnam, China, Indonesia, the Philippines, Nepal, Malaysia, Myanmar, Thailand and Taiwan.
As per a VOA report, the trafficking victims were forced to perpetrate cryptocurrency scams during shifts that lasted up to 18 hours per day. Michelle Sabino, a member of the Philippine National Police Anti-Cybercrime Group, is quoted in the report explaining how the trafficking victims used social media platforms such as Facebook to lure unsuspecting individuals. The victims themselves were reportedly lured by the promise of employment.
“They were lured by social media posts promising good-paying jobs only to get trapped in these compounds that had armed guards to keep them from leaving,” Sabino explained.
The Indonesian Tip-Off
The Philippines law enforcement’s raid on the compound in Mabalacat on May 4 and 5 came after it reportedly received a tip from Indonesian officials who were inundated with pleas from trafficking victims’ families. According to the report, most of the trafficking victims are university-educated individuals with social media skills. The Global Anti-Scam Organization said the so-called online “fraud factories” are known to prefer employing English and Chinese-speaking individuals.
Meanwhile, the report also noted that while the fraud factories in the Philippines were generally thought to be located in remote areas, a recent hearing in the country’s legislature revealed that criminals are also setting them up in urban areas. While trafficking victims are sometimes given the opportunity to buy themselves out, many remain trapped because their families cannot afford the demanded fees.
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