In a Senate hearing, the central bank and the Securities and Exchange Commission of the Philippines (SEC of the Philippines) discussed cryptocurrency regulation. Several executives representing the crypto industry were present.
Crypto Policies in the Philippines: Discussions by Philippine Regulators
The Inquirer reports that Philippine regulators discussed crypto regulation recently with executives of the cryptocurrency industry at a hearing held by the Senate Committee on Banks, Financial Institutions and Currencies, presided over by Senator Mark Villar.
Bangko Sentral ng Pilipinas was represented, as well as the Philippine Securities and Exchange Commissions and Cagayan Economic Zone Authority. The executives from the crypto industry include Binance APAC Director Leon Foong and the exchange’s general manager for the Philippines, Kenneth Stern. Fintech Alliance’s chairperson, Lito Villanueva, also participated in the discussion.
According to the publication, regulators and participants from the industry discussed various initiatives that would help establish policies and guidelines for digital assets and fintech. BSP Deputy Governor Chuchi Fonacier talked about the central bank’s sandbox approach to crypto regulation, including conducting research into the formation of digital asset policies.
Emilio Aquino, SEC Chairman, stressed the importance of actively enforcing security measures to prevent misconduct with digital assets. Sonny Angara, Senator, asked if stop and desist order are sufficient enforcement to prevent the illicit use cryptocurrency. Illicit crypto activity can be found on sites that are accessible worldwide via the internet, according to the lawmaker.
Stern shared: “We strongly believe that the crypto industry can greatly benefit the Filipino people through addressing the necessity of financial inclusion through digitalization.” The Binance manager for the Philippines added:
78% of Filipinos are still unbanked. However, crypto assets can reduce that percentage as holders of crypto asset will soon exceed credit card holders.
The representatives from the global crypto exchange also shared the trading platform’s user protection and security policies. The know your customer process (KYC), collaboration with banks and law enforcement worldwide, as well as the digital asset list process were all discussed. Binance CEO Changpeng Zhao (CZ) tweeted Wednesday that his company is “pushing crypto adoption” in the Philippines.
The discussion participants agreed that the development of crypto is dependent on a strong regulatory framework. They also believe financial literacy is vital to user protection. Binance is already working with professional organizations and local universities to offer courses on blockchain technology, crypto, web3, cryptocurrency trading, the metaverse and decentralized financial (defi) and has been partnering with them.
Last week, the Philippine central banking warned that foreign service providers of crypto services should be avoided. The regulator announced earlier this month that they will no longer accept applications for crypto licenses after three years.
How do you feel about Philippine regulators having a discussion on cryptocurrency regulation with members of the crypto industry? Please leave your comments below.
Images CreditShutterstock. Pixabay. Wiki Commons
DisclaimerThis article serves informational purposes. This article is not intended to be a solicitation or offer to sell or buy any product, service, or company. Bitcoin.com is not a provider of investment, tax, legal or accounting advice. This article does not contain any information, products, or advice that can be used to cause or alleged result in any kind of damage.