28 November 2022
The Binance Crypto exchange has reportedly collaborated with the Financial technology Partnership Philippines as well as other organizations to help the government regulate the Cryptocurrency industry. The announcement follows a warning regarding Binance from the Philippines SEC. In 2022, the biggest Cryptocurrency company, Binance, will be actively expanding into new markets. The company has been granted authorization to operate in several jurisdictions. Chief Executive Officer Changpeng Zhao has also met with government leaders in a number of other nations. The vast majority of such conferences were productive. It's due to the ease with which the company may now get operating licenses in these areas.
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Although the Philippines SEC reportedly warned its citizens in initial August to not invest using Binance, the platform is reportedly helping the Philippine authorities draft Crypto laws at the moment. At a Senate hearing, the Central Bank of the Philippines, the Cagayan Economic Zone, the SEZ, and Binance discussed the need for regulation of fintech and Cryptocurrencies with the Fintech Alliance Philippines. Sen. Mark A. Villar presided over the session. Talks reportedly focused on ways that the country may take advantage of technological advances whilst ensuring the safety of the community.
Binance is collaborating with Philippine officials to legalize Bitcoin as well as other Cryptocurrencies. Several colleges in the Philippines are teaming up with Binance to provide free lectures on Bitcoin and other digital assets. To aid in the formation of regulations for digital assets, the exchange was present at a Senate hearing among other regulators and professionals in the sector. The regional framework's major emphasis will be on promoting financial literacy as well as safeguarding consumers' rights.
The Philippines Government Prioritizes Consumer Protection
Among the many topics covered at the session was the establishment of regulations for Cryptocurrencies as well as financial technology. The authorities are making an effort to open the door to technology, but protecting consumers is still a top concern. Binance was represented by APAC Director Leon Foong and Binance Philippines General Manager Kenneth Stern. When asked about the most recent developments, Stern stated that the Philippines may stand to gain a lot from the Cryptocurrency business. Moreover, Cryptocurrencies will help bring about greater monetary inclusivity in the area, where more than 78% of the population does not have access to traditional banking services. The APAC Director stated that Crypto might decrease this ratio, and that Cryptocurrency holders will shortly exceed payment card users in the country.
Binance’s License Application Process is Looking Good
The need to reduce Cryptocurrency-related criminality in the nation was also highlighted by SEC head Emilio Aquino. Kenneth Stern, Binance's general manager for the Philippines, also stressed the importance of Cryptocurrency acceptance in the country. Despite the widespread use of Cryptocurrency, 78 percent of Filipinos are still without bank accounts. Regarding customer safety, Binance has stated the steps it's undertaking to provide adequate safety. The marketplace boasted about its strict safety procedures as well as know-your-customer standards. In case you forgot, Binance publicized its pursuit of two major licenses in the Philippines two months ago. The procedure is proceeding nicely, as was previously reported by the exchange. But three weeks ago, the SEC warned domestic investors against using Binance. The commission said that the company did not have the proper license or authorization to operate as an investing platform in the nation. This followed calls from Infrawatch PH, a think tank in the country.
Would the Philippines Regulate Binance?
Binance, the Cryptocurrency exchange, has a difficult time breaking into the Philippine market. At the same time, a local think tank expressed its disappointment with the Cryptocurrency market. The research tank has requested that the SEC reconsider the legitimacy of Cryptocurrency exchanges operating inside the nation. As requested, the regulator issued a warning to the public against utilizing the Binance marketplace. Binance continues to cooperate with both the Philippines regulator as well as other government authorities despite facing widespread criticism and reaction in the area. It has also been reported that the trade business intends to open localized law stores in the area.
Disclaimer: The author’s thoughts and comments are solely for educational reasons and informative purposes only. They do not represent financial, investment, or other advice.