Harder Fines for Crypto Crimes required in Philippines

Philippines opposition senator Leila M. de Lima asked her colleagues to support the passage to a harsher penalty towards crypto criminals
18 April 2018   1640

Cryptocurrencies are concerned in Philippines at present, and the lawmakers are going to form some directions around this sphere that would be able to provide this technology to citizens. Just recently the Philippine National Police (PNP) captured a couple who were involved in a Ponzi scheme that had participants paying for investments in Bitcoin.  

Opposition senator Leila M. de Lima supposes that the legislative department is in necessity to prioritize Senate Bill 1694, a proposal she filed a month ago. The criminal events recently occured made her to call upon her colleagues.

I hope that this occurrence will push my esteemed colleagues in the Senate to take my proposed bill seriously and help pass it into law soon. Knowing that virtual currency resembles money, and that the possibilities in using it are endless, higher penalty for its use on illegal activities is necessary... No matter how small or big a group, a punishment must be given. It should never be easy to escape after stealing the hard earned money of other people. 
Leila M. de Lima, Opposition Senator, Philippines

The older RPC also declares that “syndicated estafa and other forms of swindling shall be punishable by life imprisonment to death” if the illegal activity involves five or more persons. De Lima’s proposal wants to lessen the guidelines of the law to two or more people involved with a syndicated crime using cryptocurrencies.

Senator also points out that citizens from the Philippines should be leery of cryptocurrency investments. It is worth to mention that the politician Leila M. de Lima is a rather controversial figure, and is presently facing trial for profiting from the illegal narcotics trade.

VanEck & SolidX to Withdraw BTC ETF Application

Bitwise and Wilshire Phoenix' Bitcoin applications are still pending
18 September 2019   180

The bid for Bitcoin ETF launch by VanEck and SolidX, considered the most likely candidate for approval, was withdrawn amid continuing uncertainty from the US Securities and Exchange Commission (SEC).

VanEck and SolidX planned to place their Bitcoin ETFs on the Chicago Options Exchange (Cboe). However, as follows from the notification published on Tuesday, on September 13, the latter withdrew the application for a change in the rules, which, if approved, would allow launching the corresponding tool.

Previously, SEC postponed the solution several times at the request of VanEck and SolidX. The last time this happened in August was when the decision on Bitcoin ETFs from Bitwise Asset Management and Wilshire Phoenix was also postponed.

The final deadlines for decision making on Bitwise and VanEck / SolidX applications were on October 13 and 18, respectively. Wilshire Phoenix's decision is due on September 29th.

It should be noted that over the past few years, various companies have sought approval from the SEC to launch exchange-traded funds, but each time the regulator refused. Most often, the reasons for the negative decision were explained by the risks of market manipulations and insufficiently developed market control tools.