Philippine Lawmakers, Central Bank, SEC Discuss Crypto Regulation in Senate Hearing

Philippine Lawmakers, Central Bank, SEC Discuss Crypto Regulation in Senate Hearing

The central bank and the Securities and Exchange Commission (SEC) of the Philippines discussed crypto regulation in a Senate hearing with the participation of several executives from the crypto industry, including from crypto exchange Binance. Philippine Regulators Discuss Crypto Policies

Philippine regulators recently discussed cryptocurrency regulation with some executives from the crypto industry in a Senate Committee on Banks, Financial Institutions, and Currencies hearing, chaired by Senator Mark Villar, the Inquirer reported Wednesday.

Bangko Sentral ng Pilipinas (BSP), the Philippine Securities and Exchange Commission (SEC), and the Cagayan Economic Zone Authority (CEZA) were present. The executives from the crypto industry include Binance APAC Director Leon Foong and the exchange’s general manager for the Philippines, Kenneth Stern. Fintech Alliance’s chairperson, 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 talked about the central bank’s sandbox approach to crypto regulation, including conducting research into the formation of digital asset policies.

SEC Chairman Emilio Aquino emphasized the need to actively enforce security measures against misconduct involving digital assets. Senator Sonny Angara asked if cease and desist orders are enough enforcement against the illicit use of cryptocurrencies. The lawmaker pointed out that illegal crypto activities take place on websites made available globally on the internet.

Stern shared: “We strongly believe that the crypto industry can greatly benefit the Filipino people through addressing the necessity of financial inclusion through digitalization.” The Binance manager for the Philippines added: 78% of Filipinos remain unbanked, but crypto can help decrease that number as crypto asset holders will soon surpass the number of 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, collaboration with global law enforcement and banking agencies, and the digital asset listing process. Binance CEO Changpeng Zhao (CZ) tweeted Wednesday that his company is “pushing crypto adoption” in the Philippines.

Discussion participants 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, the metaverse, and decentralized finance (defi).

Last week, the Philippine central bank warned the public about engaging with foreign crypto service providers. Earlier this month, the regulator said that it will stop accepting crypto license applications for three years. Tags in this story Crypto regulation, Philippine Cryptercurrency regulation, Philippine cryptocurrency, Philippines, Philippines crypto, The Philippines

What do you think about Philippine regulators discussing cryptocurrency regulation with representatives from the crypto industry? Let us know in the comments section below. 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 between economics and cryptography. Bitstamp Sees "Massive Crypto Interest" From Institutional Clients REGULATION | 2 days ago SEC Chairman Says Crypto Should Be Treated Same as Other Capital Markets REGULATION | 2 days ago

Image Credits: Shutterstock, Pixabay, Wiki Commons Previous articleVenezuelan Bolivar Plunges as Central Bank Stops Intervening and Public Spending Rises Next articleIndia’s Central Bank Governor Warns Crypto Market May Crash and Small Investors Will Lose Money Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article. Read disclaimerShow comments More Popular NewsIn Case You Missed ItTony Hawk"s Latest NFTs to Come With Signed Physical Skateboards

Last December, the renowned professional skateboarder Tony Hawk released his “Last Trick” non-fungible token (NFT) collection via the NFT marketplace Autograph. Next week, Hawk will be auctioning the skateboards he used during his last tricks, and each of the NFTs ... read more.Today"s Top Ethereum and Bitcoin Mining Devices Continue to Rake in Profits SEC Risks Violating Admin Procedure Act by Rejecting Spot Bitcoin ETFs, Says Grayscale FBI Issues Alert Concerning Malicious State-Sponsored North Korean Hackers Targeting Crypto Firms Ethereum Foundation"s Financial Report Discloses It Holds $1.6 Billion in Assets, 80.5% Held in Ether