The Philippines Securities and Exchange Commission (SEC) warned users in early August against investing with Binance but despite their contentious relationship, the exchange is now helping the Philippines government formulate crypto regulations, according to a ບົດລາຍງານ by inquirer.net.
The Committee on banks, financial institutions, and currencies chaired by Senator Mark A. Villar, the Philippines central bank, Cagayan Economic Zone Authority, and the SEC met with Binance and the Fintech Alliance Philippines in a Senate hearing to discuss policies to regulate fintech and cryptocurrencies, according to the report.
The discussion reportedly revolved around how the country can harness new innovations while ensuring consumer protection guardrails. The initiative involves conducting research to formulate policies for digital assets, while SEC chairperson Emilio Aquino highlighted the need for strict security measures against misconduct.
At the Senate hearing, senator Sonny Angara questioned whether cease and desist orders are sufficient to curb illicit use of digital assets, especially since the fraudulent websites are available globally, according to the report.
Kenneth Stern, Binance’s General Manager for the Philippines, said:
"ພວກເຮົາເຊື່ອຢ່າງແຂງແຮງວ່າອຸດສາຫະກໍາ crypto ສາມາດສ້າງຜົນປະໂຫຍດອັນໃຫຍ່ຫຼວງໃຫ້ແກ່ປະຊາຊົນຟີລິບປິນໂດຍຜ່ານການແກ້ໄຂຄວາມຈໍາເປັນຂອງການລວມເອົາທາງດ້ານການເງິນໂດຍຜ່ານການດິຈິຕອນ. 78% ຂອງຊາວຟີລິບປິນຍັງບໍ່ມີທະນາຄານ, ແຕ່ crypto ສາມາດຊ່ວຍຫຼຸດລົງຈໍານວນດັ່ງກ່າວຍ້ອນວ່າຜູ້ຖືຊັບສິນ crypto ຈະລື່ນກາຍຈໍານວນຜູ້ຖືບັດເຄຣດິດໃນປະເທດໃນໄວໆນີ້.
The Philippines ranked 15th in Chainalysis’ Global Cryptocurrency Adoption Index 2021. Crypto transactions in the country saw a spike of 362% in the first half of 2021, according to the report.
The members who attended the hearing agreed that creating awareness around digital assets plays a key role in ensuring customer protection. Therefore, Binance has partnered with Philippine universities and professional groups to offer free courses on blockchain, cryptocurrency, web 3.0, trading, metaverse, and decentralized finance (DeFi).
Source: https://cryptoslate.com/binance-helping-philippines-on-crypto-regulation-despite-contentions-with-sec/