What Cryptocurrency could mean to Overseas Contract Workers and how its Blockchain can bring a secure, bright future to Asia
Blockchain and Cryptocurrency have developed greatly in Southeast Asia since its countries are taking the lead in establishing sensible regulations on the subject. At the start of 2018, some of their countries’ Securities and Exchange Commissions (SEC’s) were already crafting rules to regulate cryptocurrency transactions. It is their interest to protect investors and reduce the risk of fraud. This was due to the fact that ICO’s were sprouting since 2017. Then in March 2018, a senator in one of the Asian countries has filed stiffer penalties for cryptocurrency crimes. Today in that country, it is mandatory that all the brokers, dealers, salesmen or recruiters involved in bringing over new users to invest in the contracts must obtain registration and failure to comply will be regarded as an unregistered issuance of securities which is liable to 21 years of imprisonment.
Some of Asian SEC’s recommend the Howey test to classify if contracts are “securities”. This is a test to determine if certain transactions qualify as Investment Contracts. This type of contract is considered as “securities” and are subject to disclosure and registration requirements.
What is an investment contract?
It is an investment of money that must be profitable & invested in a common enterprise. The profit comes from the effort of a third party and if it is outside of the investors control then its called a “security”. However, if the investors actions dictate the profitability of an investment, then it’s “NOT a security”.
One Asian country’s SEC stated their intention to consider cryptocurrencies as “securities” for which the security regulations code should be applied. This is following the bill filed by the senator last month imposing penalties for cryptocurrency crimes in which a penalty of one degree higher will be incurred if the crime involved the use of a virtual currency.
These developments in the Southeast Asian Cryptocurrency scene will improve consumer confidence especially that they are the perfect market for virtual currency. There should be more crypto exchanges in Southeast Asia due to their overseas remittances. Their economy benefits highly from migrant workers sending money back to their families in their respective countries. With cryptocurrency and blockchain applied, remittance and wire transfers can be cheaper and more efficient, and to Asians this is important.!
Orozu’s Lending Program was launched very recently and with the Asian countries coming up with its own set of regulation makes it even more timely. Souteast Asian countris are a perfect market for Orozu, with security and insurance already part of Orozu’s platform combined with the Asian countries new regulations. While there are hackers and thefts of digital money & other ICO promoters vanishing into thin air, Southeast Asia and Orozu are headed in the right direction. Visit orozu.com and see how a secure & bright future can be possible with blockchain and cryptocurrency in your country.
CREDITS
Philippines to develop rules on cryptocurrency trading
Reuters Staff FINTECH JANUARY 29, 2018
Home / I.T. News / De Lima files bill imposing stiff penalties on crimes involving cryptocurrency
Tough impositions on cryptocurrency related crimes by Philippines’ SEC
By Abhishek Anil
nChain CEO Jimmy Nguyen : Philippines is the perfect market for virtual currency
BY CECILLE DE JESUS April 12, 2018 Coingeek
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