This year, the largest cryptocurrency exchange in the world has 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 favorable to the installation of this exchange than others. This is the case of the Philippine government which has put up some resistance to the entry of Binance. But, the exchange seems finally in the process of obtaining an approval from him.
Binance Participates in Crypto Regulation in the Philippines
According a tweet from Watcher.Guru on August 24, “ Binance joined a Senate hearing in the Philippines to advise on cryptocurrency industry policies and guidelines“. Indeed, Binance and FinTech Alliance Philippines have worked with the Philippine government to regulate cryptocurrencies in the country.
A Senate hearing took place in this context and both companies took part. There was also the Banking, Financial Institutions and Currency Committee 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 addressed by the entities present at the hearing. The latter spoke in particular about the directives and policies that govern cryptocurrencies. Kenneth Stern, the CEO of Binance Philippines, who participated in the hearing, made some statements.
He asserted: “We strongly believe that the cryptocurrency industry 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 that figure down.“.
It is true that Binance has 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 exceed the number of credit card holders in the country“.
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