The Philippine Securities and Exchange Commission (SEC) warned users against investing in Binance in early August, but despite the two companies’ controversial relationship, the exchange is now under threat from the Philippine government. We are helping to formulate crypto regulations. report By inquirer.net.
The Committee on Banking, Financial Institutions and Currencies, chaired by Senator Marc A. Villar, the Central Bank of the Philippines, the Cagayan Special Economic Zone Authority, and the SEC met with Binance and Fintech Alliance Philippines at the Senate Hearing to discuss Fintech and discussed policies to regulate finance. Cryptocurrencies, according to the report.
Discussions reportedly revolved around how the country could capitalize on new innovations while ensuring consumer protection guardrails. While the initiative includes conducting research to develop policies for digital assets, SEC Chairman Emilio Aquino stressed the need for strict security measures against fraud.
According to the report, during a Senate hearing, Senator Sonny Angara questioned whether a cease and desist order would be sufficient to curb the unauthorized use of digital assets, especially since fraudulent websites are available worldwide. I doubted.
Kenneth Stern, general manager of the Philippines at Binance, said:
“We strongly believe that the crypto industry can greatly benefit the Filipino people by addressing the need for financial inclusion through digitization. Wealth holders will soon outnumber credit card holders in the country, and cryptocurrencies can help reduce that number.”
The Philippines ranked 15th in Chainalysis’ Global Cryptocurrency Adoption Index 2021. Cryptocurrency trading in the country saw a 362% surge in the first half of 2021, according to the report.
Members attending the hearing agreed that raising awareness about digital assets plays an important role in ensuring customer protection. That is why Binance has partnered with Philippine universities and professional groups to offer free courses on Blockchain, Cryptocurrencies, Web 3.0, Trading, Metaverse and Decentralized Finance (DeFi).