Philippine Regulator Warns the Public of Engaging With Foreign Crypto Service Providers

Bangko Sentral ng Pilipinas, the central bank of Philippines (BSP), issued a warning Tuesday about foreign and unregistered crypto service providers. The primary regulator for the crypto sector in the Philippines is the central bank.

It states that:

Bangko Sentral ng Pilipinas (Bangko Sentral), strongly urges people to avoid dealing with virtual asset service provider (VASPs), who are domiciled in the Philippines or not registered.

According to the central bank’s website, 19 VASPs were registered as of June.

The central bank stated that virtual assets (VAs) pose a risk of price volatility and that VASPs based overseas’may present additional difficulties in enforcing legal recourse, consumer protection and redress mechanism for local customers’.

The Bangko Sentral was highlighted:

Dealings in VA are usually considered high-risk and can lead to huge financial losses from price swings.

The central bank also warned that financial losses resulting from fluctuations in crypto prices cannot be guaranteed by the government. The regulator stressed that the public should be cautious and do their due diligence before engaging in VA-related activities.

Bangko Sentral ng Pilipinas urged the public not to report illegal activities through cryptocurrencies or crypto service providers to its central bank.

The central bank declared last week it would stop accepting new VASP license application for three years starting September 1. According to the regulator, it “aims to strike a balanced between promoting innovation within the financial sector and ensuring that associated risk remain within manageable levels.”

Bitcoin Can Still Hit $500,000 In 5 Years, According To This Wall Street Veteran

With all the green surrounding Bitcoin on crypto exchange monitors it has found a strong ally again in a Wall Street stalwart.

Billionaire Mike Novogratz is not fazed at the negative sentiment engulfing crypto markets, and he has another prediction: Bitcoin could reach $500,000 within the next five-years.

Although the industry has seen rapid growth, there are still many skeptics. However, it has many hopeful advocates. Novogratz is one of these people.

Novogratz (CEO of cryptocurrency investment firm Galaxy Digital) stated during his speech at Bloomberg Crypto Summit that one BTC would be worth half a billion dollars in five years. The cause of this rise in cryptocurrency usage is cited by the billionaire.

Bitcoin about to Breach $24,000

Bitcoin has surpassed $24K as of the writing. It is currently trading at $23,745, an increase of 24% over the previous seven days. Figures from Coingecko, Wednesday.

Novogratz is not the only prominent crypto advocate. Anthony Scaramucci (founder of SkyBridge Capital), predicted that Bitcoin would reach $500,000 in the next four- to five years.

Cameron Winklevoss and Tyler Winklevoss were the original founders of Gemini, a digital currency exchange. They have said that Bitcoin has yet to be accepted. They predicted that Bitcoin’s price would rise to $500,000 in the near future.

Novogratz says that Bitcoin’s unique characteristics are what make it stand out. He emphasized that Bitcoin was designed to be an anti inflationary store of value.

Bitcoin is better than gold?

He said that the crypto’s transferability is one of the many advantages it has over the precious metal gold.

It relates to global economic system and adoption. He said that while it is an adoption roadblock, this does not mean there is a complete U turn.

Novogratz stated that he continues to see institutions, “that have not yet gotten involved, but who see this opportunity as a major opportunity.”

Wall Street veterans also attacked regulators, saying that they weren’t doing enough to protect investors from the leverage play of institutions. He also said that the worst days of the cryptocurrency market might be over.

Novogratz had predicted that, in June, in order for cryptocurrency markets to recover from the crash, the United States Federal Reserve would have to “lift its foot off of the brake” and that most hedge funds investing in digital currency would fail.

Billionaire Mike Novogratz Predicts Lower Lows For Bitcoin, Cryptos – But There’s An Upside

 

Mike Novogratz is an American billionaire and CEO of Galaxy Digital. He recently shared his views on crypto assets, particularly Bitcoin, in what seems to be a tale about impending dark times that offers a glimmer hope.

Mike Novogratz believes that we are seeing the end to deleveraging

Novogratz was recently asked by CNBC’s SquawkBox show if he saw Bitcoin falling below $13,000. Although Novogratz, a 57-year old investor, denied such claims, he said that he believes the asset will continue to fall beyond the recent lows in crypto space.

Novogratz stated, “This is a story as old as the tide, and when it went out, we saw lots and lots of excess leverage at centralized cryptocurrency companies,” pointing out the high leverage positions that crypto entities such as BlockFi, Three Arrows Capital, and Celsius Network held, which exposed them to financial problems.

Many of the companies that were hit by the bear market’s pains had to resort to deleveraging, a practice that has flooded the crypto world in recent years. Novogratz believes that the deleveraging wave is at its end. He stated that he believes most of the deleveraging has ended.

“Could it be lower?” Novogratz said, “Yes, we could.” He did however mention the possibility that cryptospace could open the doors to the ushering of capital. In which case, he believes there could be a surge of potential investors likely to bring about a ray or hope.

Novogratz sees more applications of Crypto in real life

Novogratz seems to be one of the crypto enthusiasts who have remained steadfast in their belief in crypto, despite the bear market. His pragmatic outlook on the future and state of crypto is what makes him stand out.

Novogratz stated in a recent interview that he believes things will be difficult for both crypto and equity investors. He did mention that crypto adoption will likely grow over the next few years, which could lead to more real-world uses of the technology.

He mentioned that although he doesn’t see a straight path for crypto markets, a new narrative could be the catalyst the space desperately needs to change after years of volatility in the sector.

The Crypto Winter continues to exist, despite the fact that its cold touch has made it so the digital asset prices continue to rise. There is still some blue sky. Bitcoin (BTC), which has gained 13% in the past week, trades at $21,678 as of press time. Ethereum (ETH), which has seen a 22% increase in trading volume over the past seven days, is now trading at $1.2k.

 

SEC Chair Gensler Proposes ‘One Rule Book’ Crypto Regulation

The Financial Times reported that Gary Gensler, Chairman of the SEC, has proposed a single rulebook for crypto regulation. To avoid any gaps in oversight of crypto, he is seeking to make agreements with other financial regulators such as the Commodity Futures Trading Commission. According to him,

This is the one rule book that applies to the exchange.

According to the SEC chief, the rule should be transparent and protect investors from fraud, manipulation, and front-running.

Gensler explained that the rule book will be applicable to all trading, regardless of which pair it is – security token or commodity token, commodity token or commodity token.

According to the SEC boss, he is currently working with his counterparts at CFTC on a memorandum for understanding’. This would be a formal agreement to ensure that digital asset trading has sufficient transparency and safeguards. He said that if a commodity token was listed on a platform controlled by the securities regulator, then the SEC would’send this information over to the CFTC.

Gensler stated:

The public will benefit greatly from one rule book for an exchange, which is the market integrity envelope. It will help to build trust in these markets if the industry wants to move forward.

U.S. U.S. Senators Kirsten Gillibrand & Cynthia Lummis have recently proposed a framework to expand the CFTC’s oversight over the crypto sector.

Gensler warned last week that crypto products are ‘too good for them to be true’. Gensler also warned that crypto-exchanges frequently trade in the wrong direction for their customers. The SEC chairman warned investors that many tokens would fail after the collapse of cryptocurrency Terra (LUNA), and stablecoin Terrausd (UST).

Gensler’s enforcement-centric approach to crypto asset regulation has been criticised. Hester Peirce, the SEC Commissioner, stated in May that Gensler has fallen short regarding crypto regulation and that there are long-term implications.

Mad Money’s Jim Cramer Offers Advice on Cryptocurrency Investing

Jim Cramer (host of Mad Money) has some tips for crypto investors. He said that “I wouldn’t discourage you from purchasing crypto,” and added that he owns ethereum.

Jim Cramer’s Advice for Crypto Investing

CNBC Make It Wednesday host Jim Cramer gave advice on cryptocurrency investing to Mad Money’s host, Jim Cramer. Cramer, a former hedge fund manager, co-founded Thestreet.com which is a financial news and education website.

He continued, expounding: “I believe crypto should be part a person’s diversified portfolio.”

I cannot tell you to not own crypto. I have crypto. I have ethereum.

He said that he purchased ether (ETH), as he wanted to purchase a non-fungible token for charity. He noted that they wouldn’t allow him to do dollars. “I bought it in ethereum so I did some research. It has some qualities that I like: scarcity, not as hot as bitcoin (BTC). It was so good that I bought it.

He acknowledged that crypto is speculative but said that it was okay to invest in speculative investments. He stressed that crypto is speculative, but he also said, “You have to admit it’s so,” and added: “Don’t put it in Procter & Gamble. It is not Coca-Cola. It’s not Apple.

He also noted that crypto has always been recommended to him, with 5% in crypto and 5% being in gold.

He admitted that he doesn’t know the exact value of crypto, but he also acknowledged that crypto has made many people a fortune. He said that anyone can make money with crypto.

I prefer you to do it in bitcoin or ethereum, as they have the most followers. But I’d be cautious.

Cramer also warned investors that they should not borrow money in order to purchase crypto. Cramer concluded by warning that investors should not borrow money to buy crypto.

Because of the many fortunes made in crypto, I wouldn’t discourage you from purchasing it. It could also make a whole new set of people fortunes.