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

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 at a Senate hearing attended by several crypto industry executives, including crypto exchange Binance.

Philippine regulators discuss crypto policies

Philippine regulators recently discussed cryptocurrency regulation with some crypto industry executives at a hearing of the Senate Committee on Banking, Financial Institutions and Currency chaired by Senator Mark Villar, the Inquirer reported on Wednesday.

The meeting was attended by the Central Bank of the Philippines (BSP), the Philippine Securities and Exchange Commission (SEC) and the Cagayan Economic Zone Authority (CEZA). Crypto industry executives include Binance APAC Director Leon Foong and the exchange’s General Manager for the Philippines, Kenneth Stern. Fintech Alliance Chairman Lito Villanueva also participated in the discussion.

Regulators and industry participants discussed several initiatives key to establishing policies and guidelines for fintech and digital assets, the publication reported. BSP Deputy Governor Chuchi Fonacier spoke about the central bank’s approach to crypto regulation, including conducting research on digital asset policy formation.

SEC Chairman Emilio Aquino emphasized the need to actively enforce security measures against misconduct involving digital assets. Senator Sonny Angara questioned whether cease-and-desist orders are sufficient measures against the illegal use of cryptocurrencies. The lawmaker pointed out that illegal crypto activities take place on websites that are 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.” Binance Philippines Manager added:

78% of Filipinos are still unbanked, but crypto can help reduce that number as crypto asset owners will soon outnumber credit card holders in the country.

Representatives of the global crypto exchange also shared the user protection and security policies of the trading platform. These included a know-your-customer (KYC) process, cooperation with global law enforcement and banking agencies, and a digital asset inventory process. Binance CEO Changpeng Zhao (CZ) tweeted on Wednesday that his company is “pushing cryptocurrency 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 critical 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 to the public about interactions with foreign crypto service providers. Earlier this month, the regulator said it would stop accepting requests for a crypto license 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.

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

Kevin Helms

An Austrian economics student, Kevin discovered 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.

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