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Plans Underway In Philippines To Have Cryptocurrencies Regulated

Samantha Mitchell

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Philippines To Have Cryptocurrencies Regulated

The Securities and Exchanges Commission of Philippines said on Monday 29th January 2018 that they were in the process of drafting rules that would be used to regulate Cryptocurrencies and other ICOs. This will be done to ensure that the investors are safeguarded, and the risk of fraud is entirely reduced.

The regulation is expected to be complete before the end of 2018 and would cover registration and insurance of Cryptocurrencies. This was according to the information that was given by the SEC’s enforcement and investor protection commissioner, Emilio Aquino. At a press conference earlier on Monday 29th January 2018; Emilio Aquino stated that their intention was to create their own set of regulations that would work well in this industry. In his own word, this senior officer at the Philippine’s SEC noted that it is imperative to take much care on how the investors are safeguarded in this new financial era.

Besides that, the regulations will also cover the guidelines on the Cryptocurrency markets cybersecurity as well as the financial eligibility and literacy of the investors. Aquino went ahead to state that the reason behind this planned activity is to bring to an end the cases of ICO promoters who are fond of going missing.

ICOs Might Have To Register

SECAccording to Philstar, a local news source in the Philippines; ICOs may be forced to register with the SEC due to the fact that it uses the Cryptocurrencies as the securities. Just at the beginning of January 2018, SEC gave a warning to the public cautioning them to be careful any time they are dealing with the ICOs.

Apart from that, it also went ahead to file a cease-and-desist order against four firms as well as an ICO operator. They cited matters to do with security registration regulations to be the reason behind the order.

ICO Activities Banned In The Asian Market

 

Chinese banned ICO'sIn other news, the Chinese government outlawed the ICOs in September 2017 claiming that they were illegal in regards to the existing domestic regulations. This move was viewed as a bit harsh, but the Chinese authorities had all the reasons to back it up.

The operations of ICOs, according to the top Chinese authorities were viewed as a type of non-approved open fund-raising procedure. They also noted that this process was suspected of unauthorized sale of tokens, unauthorized fundraising as well as the illegal issuance of securities. Other criminal activities that the ICOs in China were accused of were operating as a pyramid scheme and financial fraud.

More Warnings

While Chinese authorities were listing all the reasons they had for outlawing the operations of ICO, similar activities were occurring in South Korea. The South Korean Financial Services Commission also in September 2017, banned the local firms from participating in any activities to do with the ICOs. Its reasons for this directive were however different from the one that was issued by the Chinese authorities. The South Korean Financial Services Commission described ICO as extremely speculative and as the cause of the violation of the law of the capital market.

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A Sudden Boom In The Cryptocurrency Market

Samantha Mitchell

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Bitocin Price Boom

Bitcoin, which is the largest Cryptocurrency in terms of market cap, has risen in its values since a market free fall period that was witnessed at the beginning of this year. This came after a financial regulator’s vote was undertaken in South Korea, and which later helped in quenching some of the strict stances it had earlier taken on the operations of these virtual coins.

No More Clampdowns

According to reliable reports, Financial Supervisory Service of South Korea through its governor, Choe Heung-Sik, has finally stated that the national government will still support virtual currencies trading, but if only done in the best manner. The sudden boom in the prices of Cryptocurrencies, especially Bitcoin could be attributed to the news that Bitcoin’s crackdown could be made easy.

Early Tuesday morning, {20th February 2018}, Bitcoin knocked a 3-week high of 9, 513.23 Euros. This was quite high based on what has been going on in the market for the past few weeks. This came with almost a 100% rise from the low of just 4,804.26 Euros that was seen at the beginning of February.

Revived Confidence

According to the Managing Director of UFX, an online brokerage firm, Dennis de Jong, the latest news could have granted new confidence to the traders and make them invest again in this market. He went ahead to note that the possible crackdown on exchange trading and the huge regulation threat has for a long time interfered with the operations of this virtual currency.

The latest reports from South Korea have, however, given the traders a new reason to purchase Bitcoin, and even other crypto coins.

Still on the stark increment, Canaccord Genuity, which is an investment service firm, also had something to say. The company said that the price history of Bitcoin has always given a hint that long periods of great consolidation are always followed by long periods of great advancements.

According to this company, buying and holding them for long terms is the only secure means of gaining from the serious appreciation of the Bitcoin price. This is due to the fact that timing it might prove to be an impossibility.

7-day Report

Just within the last seven days, the value of this world’s most used cryptocurrency, Bitcoin has gone up by almost 20.49%. This is what has skyrocketed the current virtual currency’s value to $11,135. The increase in value in the last one week has not only been witnessed by Bitcoin, other sector leaders like Litecoin, Ethereum, and Bitcoin Cash have also witnessed the same. Bitcoin Cash, which is currently valued at $1,391.43, was at $98.70 in the last one week. On the other hand, Ethereum, which is at $896.13 at the moment has a seen a 0.3% rise in the past one week. Litecoin is currently at $224.60 having moved from $199.21, which it had in the last seven days.

In a report made at the beginning of this year, the government of South Korea had exclusively revealed that it was planning to all the exchange centers for virtual currencies.

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Head of Cryptocurrency Regulation Passes on

Samantha Mitchell

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South Korean Head of Cryptocurrency found dead

The head of a team that was meant to oversee Bitcoin regulation has on Tuesday 20th February been found dead at his home in Seoul, South Korea.

A Possible Case of Heart Attack

Mr. Jung Li-joon, who until his death headed the South Korea’s Economic Policy Coordination Office is said to have suffered a heart attack. Although the heart attack is said to have happened on Saturday night, his family learned of his condition the following day when they went to wake him up. The real cause of this mysterious death remains unknown until a coroner’s office report is presented to the police for further investigation.

Just towards the end of 2017, Jung Li-joon was given a new role in leading the planned clampdown that on the virtual currency. Barely a month ago, the government of South Korea brought in several measures that were meant to regulate some of the commonly used virtual currencies like Bitcoin, Ethereum, and Ripple. With the hope of lowering the suspected criminal acts that had allegedly characterized the operations of Bitcoin, the South Korean government opted to implement a crackdown on anonymous trading.

The main work of the late Mr. Jung was to bring together all the opinions from various state offices and ministries, concerning the regulation of the virtual currencies.

Effects on the Value of Bitcoin

In the month of January 2018, a sudden drop in the value of this largest cryptocurrency was felt. This is suspected to have been caused by the effects of regulating the digital coins that had been introduced in certain countries like South Korea. The value of the original digital currency went up to $19,535.70, which translates to 13991.86 Euros. That was on the 17th of December 2017, before it would come down $10,035, about 7,064 Euros on the 30th of January 2018.

Mr. Jung’s Earlier Announcements

In a move that appeared very controversial, the late Jung Li-joon stated that the government of South Korea had plans of closing all the virtual currencies exchanges that the country had. He supported the proposed closing of cryptocurrency exchanges that had been announced earlier by the country’s Justice Minister. He said that it was a measure that was aimed at dealing with the speculation in the whole market. In the lasts months of 2017, the leaders from South Korea said that they would undertake an extended period of consideration over some of the threats that this currency might have had on the market. In their statements, they had described the cryptocurrencies, especially Bitcoin as a threat to national economic stability.

According to the close associates of Mr. Jung, stress is one of the things that might have caused his sudden demise. It can be remembered that South Korea was one of the first countries that had opted to regulate the virtual currency. Ensuring that such an activity worked was definitely a heavy load for Jung Li-join who headed the team. This might have given him too much stress and contributing to his mysterious death.

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Huge Bitcoin Flaws Solved by Wall Street

Samantha Mitchell

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Bitcoin Wall Street

According to a top-ranking economics scholar, Wall Street might have finally managed to solve one of the huge problems that have been faced by the largest cryptocurrency, Bitcoin.

Bitcoin Futures is the Solution

While responding to the earlier claims that Bitcoin’s volatility could at the end, bring huge losses in the market; Professor Panos Mourdoukoutas termed that as a thing of the past. The last price fall by Bitcoin has made a section of market traders worry about the financial losses that might be felt should the currency go further down against the dollar.

The economics scholar who also doubles up as the Chair for the New York-based LIU Post Department of Economics said that by introducing Bitcoin Futures, Wall Street has stepped in to solve this problem once and for all.

Futures is a common term in the financial market, especially with the virtual currencies. It refers to an agreement to either buy or sell a particular commodity on a particular future time or date at a price that is already set. Such agreements, in regard to Bitcoin futures, are mainly dependent on the price of Bitcoin. They are also partially based on the some of the bets that speculators might think would be Bitcoin’s price in the near future.

Bitcoin Futures works a bit differently as they enable the investors to speculate on the cryptocurrency’s price without having to actually own it.

Spot Market Loses to be Taken to the Futures Market

The professor went ahead to lash out at some of the traders who have been worried about suffering huge financial losses in this market. He specifically mentioned Dunkin’ Donuts, and Starbucks and advised them to check out Bitcoin Futures.

He went ahead to clarify that any loss made in the spot market would also be repeated in the Futures market. He said that the reason why certain organizations have been talking about this virtual currency is that they are aware of the impact it will create when finally accepted as an official payment option.

Most of these companies have young consumers who adore Bitcoin, and accepting it as a payment method will definitely bring a buzz.

Bitcoin Being Discussed Everywhere

The remarks by Prof. Panos Mourdoukoutas have been made when close to 25 firms have discussed Bitcoin just within one month alone. According to data provided by FactSet analysis, 24 organizations to be specific have referred to this virtual coin in some of the conference calls that they have had.

The name of Starbucks Executive Chair, Howard Schultz appears on the list of those who have discussed Bitcoin. According to him, Bitcoin would not be a currency anytime in the future or even at present. But he had a different view on the blockchain technology. He said that in the next twenty years, this technology is set to become a central technology that will be used by various companies across the globe. He said that the reason he brought up these facts was that they always have the interest of their company and the future consumer behaviors at heart.

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