The Philippine government has not yet defined the specific rules that will apply to cryptoactives. However, it already warns of 14 ICO projects that look a lot like the BitConnect scam.
The Securities and Exchange Commission of Philippines warned that these projects do not meet the laws and warns that they could be punished with a fine of 220 000 euros and 21 years in prison.
These projects are NewG, Smart Capital, Gener8X, Paid2Prosper, Coins and Mining Trading, PSOPOWER Apps, TradeConnec, IronTrading, ExpertTrading, OneCash, Lucky Coins, Miner’s Investment Group, Digital Coin Trading and All Pal for All Seasons.
They all look like BitConnect (Ponzi pyramid) with interests ranging from 10% to 100% per month.
Don't forget to be carefully before investing in an ICO.
Sources : www.ccn.com