[2018-04-11] Philippines’ SEC Demands Crypto Cloud Mining Contracts To Be...

[limek]

The Philippines Securities and Exchange Commission (SEC) issued an advisory on Cryptocurrency Cloud Mining Contracts that applies the Howey Test to classify these contracts as securities, the SEC outlined April 10.

Cloud Mining contracts fall within the purview of securities law because they are “investment contracts,” whereby investors stake the mining capacity of a remote datacenter through the contract, which can itself then further be traded.

Applying the 71-year old Howey Test, this qualifies as an investment in a “common enterprise,” in which investors are led to “expect profits” that are “generated from the efforts of others.”

Read more: https://cointelegraph.com/news/philippines-sec-demands-crypto-cloud-mining-contracts-to-be-registered-as-securities

[gentlemand]

Surely they'd be much more truthful if they classed them as ponzis which is what almost every single one of them actually is. I find it very strange that any authority would take these seriously when it's clear what most of them are.

[InvoKing]

Okay, nice move to regulate scammy ponzis schemes but this should apply in all countries in addition to include everything related to trading et al.
Dunno if stakeminers could be included here :

Code:

In March 2018, a Philippine senator filed a bill to impose stricter penalties for crypto-related crimes, citing corruption, money laundering...