Cloud mining company Mining City reportedly promises returns of up to $92 daily, paid out in Bitcoin Vault tokens.
The move coincides with developments around the Virtual Banking Act, which some lawmakers hope will pass before the end of 2020.
The Personal Equity and Retirement Account (PERA) is a voluntary account that allows residents aged 18 and above to prepare for their retirement.
Forsage has no legal standing to accept investments, or to sell investment products to the public, regulators in the Philippines said.
The Philippine central bank has assembled a committee to research the feasibility of central bank digital currency as well as its policy implications.
The regulator flagged three firms, Forsage, RCashOnline and The Saint John of Jerusalem Knights of Malta Foundation of the Philippines, Inc.
Philippines Department of Finance has warned against a recurrence of the Bitcoin Revolution scam, this time using names of prominent officials in the Treasury.
The dubious digital currency trading program claims to have the backing of celebrities, entrepreneurs and government officials.
The finance department was allegedly establishing a platform for Philippines residents to “generate income” from digital currency.
The regulator said the illegal investment schemes were promising unfeasibly high rates of return to investors willing to stump up their capital.
The unauthorized scheme is likely a form of pyramid scheme with promises of significant returns on investment in a matter of days.