Philippine securities regulator ordered a halt to ICO

nA runaway comment: According to a newly released document by the Philippine Securities and Exchange Commission, the agency recently issued injunctions to four companies under the securities registration rules. The agency stated in its paper that there is ample evidence that these companies are selling to the public in the Philippines or in the form of KROPS tokens and / or Kropcoins and have not obtained the necessary permits from the SEC. However, the agency also said that if the four companies register at the SEC to obtain the permission to issue securities, then the sale of their tokens can be resumed.n
nTranslation: Clovern
According to a newly released document, the Philippines Securities and Exchange Commission issued a restraining order to four companies and an initial digital token issuer (ICO) operator under the securities registration rules.n
The ban was issued on January 9, 2018 and was recently posted on the agency’s website. The ban mentioned four affiliates: Black Cell Technology Inc., Black Sands Capital Inc., Black Cell Technology Limited and Krops , All of which are KropCoin tokens offering operators and claiming to be selling “ICO, the world’s first encrypted agricultural stock market.”n
The document also confirms that Filipino resident Joseph Calata is the founder or executive of each of these four companies.n
All four companies claim that they are closely linked to this KropCoin tokens built on the Ethereum network.n
Although the ICO is not regulated in the Philippines, the regulator’s Enforcement and Investor Protection Department (EIPD) said “there is ample evidence that these companies are being sold to the public in the Philippines or in the form of KROPS tokens and / or Kropcoins, And did not obtain the necessary permission from the SEC. “n
The EIPD filing states that four companies have five days to appeal the order, and if an appeal is filed, a hearing will be held within 15 days. Since then, the Philippine SEC has ten days to resolve or reject the appeal; otherwise, the prohibition order will be automatically lifted.n
Calata and its four companies will be able to resume the sale of tokens if they are able to register with the SEC and have permission to sell securities in the country.n

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