Binance representatives participated in a hearing of the Philippine Senate Banking Commission, according to a report published by local media on Wednesday. The deputy governor of the Bangko Sentral ng Pilipinas, Chuchi Fonacier, the president of the country’s Securities and Exchange Commission (SEC), Emilio Aquino, and members of the FinTech Alliance Philippines and the Cagayan Economic Zone Authority also participated in that hearing. .
The hearing was devoted to financial technology innovation and consumer protection, according to the report. Fonacier talked about a sandbox approach to regulation, and Aquino talked about the security of digital assets. Binance was represented by APAC Director Leon Foong and Philippines General Manager Kenneth Stern who spoke at the hearing about the security of the exchange and its Know Your Customer process. Stern said at the hearing:
“78% of Filipinos remain unbanked, but cryptocurrencies can help lower that number as crypto asset holders will soon outnumber credit card holders in the country.”
Binance said it is also sponsoring a training program for new cryptocurrency traders in the Philippines this month, and is in talks with local universities to offer courses and certification in blockchain technology.
JUST IN: #Binance participates in senate hearing in the Philippines to advise on #cryptocurrency guidelines.
>>> Binance has also opened up conversations with local Philippine universities to offer courses & professional certificates in #blockchain, #crypto & #web3. pic.twitter.com/eEgmFti0K5
— OAK Chain (@oakchain_) August 24, 2022
Binance Participates in a Senate Hearing in the Philippines to Advise on Cryptocurrency Guidelines.
>>> Binance has also entered into discussions with local universities in the Philippines to offer professional courses and certificates in blockchain, cryptocurrencies and web3
The Philippines has had an ambiguous relationship with cryptocurrencies and Binance in particular, despite the rapid growth of its economy and the popularity of cryptocurrencies in the country. Binance has been trying to establish services in the country for a long time, but faced opposition from a group of local experts that was later dismissed by the authorities.
Nevertheless, The Philippine SEC published a letter on August 2 warning the public not to invest in Binance. The country’s central bank will impose a three-year moratorium on virtual asset service provider applications from September 1, citing “risks that may undermine financial stability.”. Binance CEO Changpeng Zhao stated in June that the company would pursue VASP licensing in the country.
The central bank of the Philippines has stated that it is also exploring the issuance of a wholesale central bank digital currency.
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