- Many different agencies were involved which Senator Mark Villar presided over.
- As an added bonus, the parties spoke about real solutions for safeguarding customers.
Financial authorities in the Philippines are making concerted attempts to effectively regulate the local cryptocurrency business. The authorities are taking a close look at the crypto business since they know previous actions have not been adequate to call for regulatory measures. This time, it is looking to Binance and other private companies for advice.
On Wednesday, the Inquirer, a leading Filipino news outlet, reported on a recent senate hearing on cryptocurrency. Many different government agencies were involved during the session, which Senator Mark Villar presided over. Among these bodies are the Philippines’ Central Bank (Bangko Sentral ng Pilipinas; BSP), the Securities and Exchange Commission (SEC), and the Cagayan Economic Zone Authority (CEZA).
Crypto Adoption and Security Standards
Binance and the FinTech Alliance Philippines were among those that the institutions met with to discuss crypto sector regulation. There was a discussion of recent regulatory actions and steps that may be taken to encourage innovation in the sector. As an added bonus, the parties spoke about real solutions for safeguarding customers.
The need to reduce crypto-related criminality in the nation was also highlighted by SEC head Emilio Aquino. General Manager of Binance for the Philippines, Kenneth Stern, also stressed the importance of cryptocurrency adoption in the country.
Binance has addressed the problem of customer safety by discussing the steps it is taking to guarantee adequate security. The firm boasted about its stringent security standards and know-your-customer (KYC) procedures.
However, three weeks ago, the SEC issued a warning to investors warning them not to use Binance. The commission said that the company did not have the required permission or license to operate an investment platform in the nation.
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