Philippines to Protect Cryptocurrency Investors

Philippines SEC is working on the advanced transaction rules for cryptocurrency and ICO
30 January 2018   1322

Philippines Securities and Exchange Commission has confirmed that the work on cryptocurrency protection is in progress as it is necessary to defend investors and decrease the fraud risks.

Emilio Aquino, Philippines’ SEC commissioner, stated the Government will establish new rules this year. That means cryptocurrency and ICO will not just determine the security and safety, but the Commission will monitor registration and issuance of cryptocurrencies.

The SEC chief insists that the proposed mechanisms should ensure investors protection and control fraud, targeting unverified, unlicensed sellers. Also, it will be developing new approaches to provide cybersecurity of cryptocurrency markets.

A cease-and-desist order against ICO was published last week after cryptocurrency operators refused the regulator’s approval. As told by Emilio Aquino, the Commission has always been fostering innovation. He noticed the regulator was taking a special approach to the cryptocurrency sector.

Philippines SEC cooperates with the Bangko Sentral ng Pilipinas (BSP) to establish rules on cryptocurrency investments including the control of Bitcoin and other cryptocurrencies.

CEO AriseBank Admitted to Fraud

Now Jared Rice faces up to 120 years in prison, however, confession may reduce this period to 20 years
22 March 2019   107

AriseBank CEO Jared Rice confessed to deceiving investors for $ 4.2 million in cryptocurrency. The plea agreement filed in the federal court of Dallas, Dallas News кузщкеы.

According to the document, Rice promised investors a "guaranteed return" of up to 20% of the invested funds, as well as opening bank accounts insured by the Federal Deposit Insurance Corporation and Visa-related debit and credit cards, although he did not have agreements with these companies.

The $ 4.2 million received from the ICO Rice spent on his girlfriend, lawyers, as well as on hotels, food and trips by Uber.

It is noteworthy that Jared Rice’s plea for cryptocurrency fraud was one of the first of its kind in the United States.

Now Rice faces up to 120 years in prison. However, confession may reduce this period to 20 years. Also, the organizer of the scheme will have to pay damages to deceived investors.

The final verdict on the case will be delivered on July 11.

Jared Rice was arrested in November 2018 on charges of fraud with unregistered securities and fraud using electronic means of communication. In December, the US Securities and Exchange Commission (SEC) obliged him and Stanley Ford, co-founder of AriseBank, to pay about $ 2.7 million as part of the settlement of the charges.