Kevin Helms
A student of Austrian economics, Kevin found Bitcoin in 2011 and has been an evangelist ever since. His interests lie in Bitcoin security, open source systems, network effects and the intersection of economics and cryptography.
Philippine Lawmakers, Central Bank, SEC Discuss Crypto Regulation in Senate Hearing – Regulation Bitcoin News
The central bank and the Securities and Exchange Commission (SEC) of the Philippines discussed crypto regulation in a Senate hearing attended by several leaders from the crypto industry, including from crypto exchange Binance.
Philippine regulators discuss crypto policy
Philippine regulators recently discussed cryptocurrency regulation with some crypto industry executives at a Senate Committee on Banking, Financial Institutions and Currencies chaired by Senator Mark Villar, the Inquirer reported on Wednesday.
Bangko Sentral ng Pilipinas (BSP), Philippine Securities and Exchange Commission (SEC) and Cagayan Economic Zone Authority (CEZA) were present. The leaders from the crypto industry include Binance APAC director Leon Foong and the exchange’s general manager for the Philippines, Kenneth Stern. The Fintech Alliance’s chairman, Lito Villanueva, also participated in the discussion.
The regulators and industry participants discussed several initiatives key to establishing policies and guidelines for fintech and digital assets, the publication conveyed. BSP Deputy Governor Chuchi Fonacier spoke about the central bank’s sandbox approach to crypto regulation, including researching the formation of digital asset policies.
SEC Chairman Emilio Aquino emphasized the need to actively enforce safeguards against misconduct involving digital assets. Senator Sonny Angara asked if cease and desist orders are enough enforcement against the illegal use of cryptocurrencies. The lawmaker pointed out that illegal crypto activities take place on websites that are made available globally on the internet.
Stern shared, “We strongly believe that the crypto industry can greatly benefit the Filipino people by addressing the need for financial inclusion through digitization.” The head of Binance Philippines added:
78% of Filipinos remain unbanked, but crypto can help reduce this number as crypto asset owners will soon outnumber credit card holders in the country.
The representatives from the global crypto exchange also shared the trading platform’s user protection and security policies. They included the know-your-customer (KYC) process, cooperation with global law enforcement and banking agencies and the digital asset listing process. Binance CEO Changpeng Zhao (CZ) tweeted on Wednesday that his company is “pushing crypto adoption” in the Philippines.
Panelists agreed that a proper regulatory framework is necessary for the growth of the crypto industry, and providing financial literacy is key to ensuring user protection. Binance has already partnered with some local universities and professional groups to offer free courses in blockchain technology, cryptocurrency, web3, crypto trading, metaverse and decentralized finance (defi).
Last week, the Philippine Central Bank warned the public against engaging with foreign crypto service providers. Earlier this month, the regulator said it will stop accepting crypto license applications for three years.
What do you think about Philippine regulators discussing cryptocurrency regulation with crypto industry representatives? Let us know in the comments section below.
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