Manila, Philippines – Joseph Calata called the Securities and Exchange Commission (SEC) unfair for ceasing and sending desist order against his cryptocurrency called KropCoins.
Calata admitted that he got surprised by SEC’s decision in putting a halt in his KropCoins. He demanded that the business he is doing is the same one the world does. Cryptocurrencies are the digital cash or tokens as another means of trade. SEC stated that Calata’s KropCoins are just the same as a public offering of securities that should undergo disclosure agreements. SEC declared that Black Cell Technology has no requisite license to sell securities to the public and not licensed to employ brokers and dealers. It also includes the companies Black Sands Capital, Inc. and Black Cell Technology Limited and Krops.
Joseph Calata said in his phone interview in ANC that his initial coin offerings (ICOs) are from a Hongkong-based company. He even compared Black Cell to Uber and how it has a back office in the Netherlands and here in the Philippines. He said that it operates here to help the Filipinos. Calata insisted that it is a global company that runs even in Singapore.
When asked if the SEC’s order has to do with his case with the Calata shareholders, Joseph Calata protested that Black Cell and the Calata Corporation are separate entities. SEC didn’t respond to his email regarding the cryptocurrency halt issue. They didn’t communicate with him and just sent out the order against his KropCoins.
Calata took pride in his app, saying that it is available for download in over 150 countries, including the Philippines. He professed that as a Filipino, it is just right that the Philippines to benefit from this. The app is a platform to help Filipino farmers. He commented on how farmers are being mistreated by the middleman whenever they can’t find a buyer. But through the Krops Mobile App, it was able to help 7,000 farmers with 28 billion worth of inventories.
Calata asked SEC to also prohibit the use of other cryptocurrencies like BitCoin, Ethereum and Ripple here in the Philippines as those are just the same as KropCoins. The whole world uses these coins for transactions. He insisted that KropCoins are not securities but tokens.
In the coming week, Calata will release a statement if they will bring the issue to the court. But, for now, his business will go on abroad. He said with conviction that no one could stop the technology and this app is for global use.
He demanded support for all the start-up here in the Philippines.