Binance helping Philippines on crypto regulation despite contentions with SEC

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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 report 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:

“We strong­ly believe that the cryp­to indus­try can great­ly ben­e­fit the Fil­ipino peo­ple through address­ing the neces­si­ty of finan­cial inclu­sion through dig­i­tal­iza­tion. 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 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).

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