This year, the largest cryptocurrency exchange in the world managed to settle in several countries legally. Indeed, Binance has pleasantly surprised the crypto community with a meteoric expansion throughout the year. Some governments have been less supportive of the installation of this exchange than others. This is the case of the Philippine government, which has put up some resistance to Binance’s entry. But, the exchange finally seems to be getting approval from him.
Binance participates in the regulation of cryptos in the Philippines
Under tweet from Watcher.Guru on August 24th,” Binance has joined a Senate hearing in the Philippines to give advice on cryptocurrency industry policies and guidelines ». Indeed, Binance and FinTech Alliance Philippines have been working with the Philippine government to regulate cryptocurrencies in the country.
For one senate hearing took place within this framework and both companies participated in it. There was also the Committee on Banks, financial institutions and Currencies as well as the SEC. We also note the presence of the Central Bank of the Philippines (BSP) and the Cagayan Economic Zone Authority (CEZA).
Several topics were discussed by the entities present at the hearing. In particular, they talked about the guidelines and policies that govern cryptocurrencies. Kenneth Stern, the managing director of Binance Philippines, who participated in the hearing, made some statements.
He claimed: “ We firmly believe that the cryptocurrency sector can greatly benefit the Filipino people by addressing the need for financial inclusion through digitalization. 78% of Filipinos are still unbanked, but crypto can help bring this figure down. ».
It is true that Binance intervened for the regulation of cryptocurrencies in the Philippines. But, there is no guarantee that the exchange will now be able to operate in this country. In the meantime, Kenneth Stern is of the opinion that “ digital asset holders will soon surpass the number of credit card holders in the country ».
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Behind the generic signature “Editorial CT” are young journalists and authors with special profiles who wish to remain anonymous because they are involved in the ecosystem with certain obligations.