A proposal to ban cryptocurrency exchange Binance from operating in the Philippines will not gain momentum due to the lack of regulations towards cryptocurrencies in the country.
The Philippines Department of Trade and Industry (DTI) has cited the lack of clear guidelines set forth by the country’s central bank, Banko Sentral ng Pilipinas (BSP), as a deadlock after a lobby group called for a Binance ban. in early July.
Local think tank Infrawatch PH had asked the DTI to investigate Binance for promoting its services and offerings, which the group believed had been done without the necessary permissions.
Binance had tried to agree with the parties involved, telling Cointelegraph that intends to obtain virtual asset service provider and electronic money issuer licenses in the Philippines.
However, the DTI cannot enforce any resolution that prevents Binance from operating in the country, according to its latest correspondence with Infrawatch PH. As Forkast reported, the department cited the lack of legislation for virtual assets creating a gray area:
“Cryptocurrencies and other forms of virtual assets are not consumer products, the Department of Trade and Industry does not have jurisdiction to act on applications for sales and promotion permits to promote virtual assets per se in the absence of clear legislation in this regard.”
The DTI noted that the proposal would come under the auspices of the country’s central bank, which to date has not released any official guidelines or regulations for the use or sale of cryptocurrencies in the Philippines. This would include any company or service provider that carries out sales or promotional activities related to financial products.
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