The Philippine government has not yet defined the specific rules that will apply to cryptoactives. However, he is already warning 14 projects that want to finance themselves via an ICO . Important detail, each of the projects strongly resembles the BitConnect scam .
From the names of NewG, Smart Capital, Gener8X, Paid2Prosper, Coins and Mining Trading, PSOPOWER Apps, TradeConnec, IronTrading, ExpertTrading, OneCash, Lucky Coins, Miner's Investment Group, Digital Coin Trading and All Pal for All Seasons, these investment systems look like strongly to the Ponzi scheme BitConnect . With interest rates ranging from 10% to 100% per month, it is obvious that these promises are too good to be true.The Securities and Exchange Commission of the Philippines - the regulator of the financial markets - warns that these projects do not meet the standards set by the law regarding securities. The companies responsible for these projects did not register with the competent authorities. Thus, any promotion through solicitations or recruitment of people is punishable by a fine of about 220,000 euros (5 million pesos) and a prison sentence of up to 21 years .
It should be noted that this sanction concerns the simple promotion of this type of project. Thus, the warning concerns both project owners and investors who, in the Ponzi schemes , still have strong financial incentives to promote the scam. 21 years in prison , that should be thought twice before sending sponsorship links to pull-larigot.
Posted from my blog with SteemPress : https://infos.link/philippines-up-to-21-years-in-prison-if-promoting-a-scam/