Binance Discusses Crypto Regulations With Financial Watchdogs In The Philippines

Summary:

Leading crypto exchange Binance was present during a senate hearing in the Philippines.
The crypto exchange also supposedly targeted a VASP license in the Philippines back in June.
Crypto regulations and decentralized finance were among the chief topics during the session.
Top regulators like Bangko Sentral ng Pilipinas and the Security Exchange Commission were in attendance.
Private stakeholders like FinTech Alliance Philippines also joined Binance in the hearing.
Digital asset transactions saw a sharp increase in the first half of 2021, per reports.

The world’s leading crypto exchange Binance was present during a Senate hearing in the Philippines on Wednesday with major domestic financial watchdogs in a bid to push for crypto adoption, digital asset regulations, and decentralized finance in the country.

CEO Changpeng Zhao confirmed the news via a tweet. Notably, EthereumWorldNews reported that the top exchange had eyes on a crypto license in the Philippines back in June. Wednesday’s development aligns with Zhao’s move to bag regulatory approvals across multiple jurisdictions and drive widespread adoption.

As local news outlet Inquirer reported, several financial watchdogs attended the Senate hearing including the country’s central bank Bangko Sentral ng Pilipinas (BSP), the Security Exchange Commission (SEC), and the Cagayan Economic Zone Authority (CEZA).

Binance was joined by other private institutions in the crypto and finance industry like the FinTech Alliance Philippines.

The hearing focused on cryptocurrencies, regulations, adoption, and supporting innovation in the digital asset ecosystem while prioritizing investor protection.

Crypto transactions in the Philippines have grown in leaps and bounds over the past few years. In the first half of 2021, such transactions skyrocketed by over 300%. Also, virtual assets could become a financial solution for 78% of Filipinos who are unbanked at press time.

Binance Sets Focus On Regulatory Victories And Crypto Adoption

Indeed, Zhao’s exchange has secured a plethora of regulatory nods from watchdogs in regions like Asia, Europe, and the Middle East in 2022 alone. At press time, Binance has crypto licenses in Dubai, France, Italy, Kazakhstan, and Spain to name a few.

The platform supposedly held talks with German regulators as well.

Binance CEO Changpeng Zhao