Cryptocurrency traders form group to address scams and promote investor education

Top cryptocurrency traders in the Philippines have created an association that will address scams and boost financial literacy amid increasing crypto adoption in the country.

In a statement on Tuesday, the Innovative Movement of the Philippine Association of Crypto Traders (IMPACT) announced its formation as it sought to educate Filipinos on the evolving crypto landscape and to build an informed community against crypto-related scams. 

The group claims that it is the first local crypto traders association.

IMPACT Executive Director and Founding Chair Arlone Abello said the group was created to help individuals navigate the complexities of the digital economy.

“IMPACT is formed to equip individuals with the knowledge and understanding of cryptocurrencies and their vast potential. We strive to be the leading authority in the Philippines, providing reliable and unbiased information on crypto trading, use cases, and emerging trends,” Mr. Abello said. 

In September, the Securities and Exchange Commission (SEC) said that it was close to releasing a set of guidelines to regulate crypto trading to protect the investing public.

SEC Chairperson Emilio B. Aquino said the corporate regulator was scheduled to issue the crypto trading guidelines but had faced delays.

“We have to make sure all the necessary safeguards are there. But we are still working on that,” Mr. Aquino said.

Meanwhile, IMPACT is conducting its “Cryptalk: University Caravan” initiative that visits higher education institutions across the country to teach finance students about cryptocurrency, blockchain, and Web3. The initiative also promotes ethical behavior and responsible participation in the decentralized web and cryptocurrency ecosystem.

In line with this, the group partnered with the Junior Confederation of Finance Associations Philippines, which is the national umbrella organization of college students in finance and financial management. 

IMPACT is scheduled to visit 11 more schools starting with De La Salle University on Nov. 14 under the initiative.

“Generation Z can get easily hyped when it comes to investing. They have so much risk appetite that they lose focus on the potential risk of losing their money altogether,” Mr. Abello said.

Aside from Mr. Abello, IMPACT’s other founding members are Bitskwela Chief Executive Officer Jiro Reyes, corporate lawyer Clarizel King, decentralized multi-chain order book exchange ZKEX.com community manager Steve Jimenez, blockchain tech investor Riki Dacanay, and stock and crypto market analyst Gilbert Lazaro.

“IMPACT is open to collaborations to create internships and job placement opportunities for aspiring students,” the group said. “Organizations and universities looking to partner with the group can send their inquiry to www.impactph.io.” — Revin Mikhael D. Ochave