The Securities and Exchange Commission of the Philippines (SEC) has warned the public about three companies offering unregistered securities: BKC Trading, Meta Trade and Platinum Coin.
The regulator said that these companies operate illegally in the country, violating capital markets laws. The SEC mentioned that Meta Trade promises investors remarkable returns of 400% on their investment in just 30 days. However, they are neither registered with the agency nor licensed to provide investment services. Furthermore, BKC Trading also has no regulator's permission to raise investments. Similarly, Platinum Coin violates the rules on securities, according to the SEC.
Therefore, the regulator has warned people to be extremely careful with such companies so as not to risk losing money, as those who act as brokers can be fined up to PhP5 million (about $91,340) or be imprisoned for up to 21 years.
By next year, the national government intends to change its laws on the taxation of digital currencies.