Binance gives security assurances in Philippine senate banking committee hearing

Published at: Aug. 25, 2022

Binance representatives participated in a hearing of the Philippine Senate Banking Committee, according to a report in the local press Wednesday. Bangko Sentral ng Pilipinas deputy governor Chuchi Fonacier, the country’s Security Exchange Commission (SEC) chair Emilio Aquino, and members of FinTech Alliance Philippines and the Cagayan Economic Zone Authority also took part in that hearing.

The hearing was devoted to fintech innovation and consumer protection, according to the report. Fonacier discussed a sandbox approach to regulation, and Aquino talked about digital asset security. Binance was represented by APAC director Leon Foong and Philippines general manager Kenneth Stern, who told the hearing about the exchange’s security and Know Your Customer process. Stern said at the hearing:

“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.”

Binance said that it is also sponsoring a training program for new cryptocurrency traders in the Philippines this month, and is in talks with local universities on providing courses and certification in blockchain technology.

JUST IN: #Binance participates in senate hearing in the Philippines to advise on #cryptocurrency guidelines.>>> Binance has also opened up conversations with local Philippine universities to offer courses & professional certificates in #blockchain, #crypto & #web3. pic.twitter.com/eEgmFti0K5

— OAK Chain (@oakchain_) August 24, 2022

The Philippines has had an ambiguous relationship with crypto and Binance in particular, despite its rapidly growing economy and the popularity of cryptocurrency in the country. Binance has long been looking to set up services in the country, but faced opposition from a local thinktank that was later dismissed by the authorities.

Nonetheless, the Philippine SEC released a letter on Aug.2 cautioning the public against investing with Binance. The country’s central bank will impose a three-year moratorium on virtual asset service provider applications beginning Sept. 1, citing “risks that may undermine financial stability.” Binance CEO Changpeng Zhao stated in June that the company would pursue VASP licensing in the country.

The Philippine central bank has stated that it i also exploring the issuance of a wholesale central bank digital currency.

Tags
Adoption
Regulation
Fintech
Security
Related Posts
Adapt or die: Payments giants partner with crypto firms to ensure security
Institutional interest for digital assets continues to grow rapidly, demonstrating that cryptocurrencies, stablecoins and nonfungible tokens (NFT) are here to stay. At the same time, traditional financial institutions are beginning to understand the dire need to properly support digital assets. For example, although payments giants such as Mastercard and Visa currently offer crypto-enabled credit and debit cards, these companies are also forming partnerships with crypto organizations to enable better security and trust for consumers transacting with digital currencies. Shedding light on the matter, Ajay Bhalla, president of cyber and intelligence at Mastercard, told Cointelegraph that Mastercard’s customers and other partners …
Adoption / Sept. 21, 2021
4 key takeaways from KPMG Pulse of Fintech Report
As Bitcoin (BTC) and altcoins took a break from reaching new all-time highs, the market sentiment seems gloomy since the start of 2022. However, while the market seems to be sleeping, its trajectory shows that there’s more to look forward to in the coming months. Multinational professional services network KMPG published its biannual Pulse of Fintech report, where the firm tracks and analyzes developments and investments within the financial technology sector. The report highlighted the most notable developments in major regions like the Americas, Asia Pacific and EMEA, and pointed out the “surging interest” in crypto and blockchain in the …
Adoption / Feb. 8, 2022
Are crypto and blockchain safe for kids, or should greater measures be put in place?
Crypto is going mainstream, and the world’s younger generation, in particular, is taking note. Cryptocurrency exchange Crypto.com recently predicted that crypto users worldwide could reach 1 billion by the end of 2022. Further findings show that Millennials — those between the ages of 26 and 41 — are turning to digital asset investment to build wealth. For example, a study conducted in 2021 by personal loan company Stilt found that, according to its user data, more than 94% of people who own crypto were between 18 and 40. Keeping children safe While the increased interest in cryptocurrency is notable, some …
Adoption / Feb. 26, 2022
First official DAO in the US to fight SEC without attorneys
The first official decentralized autonomous organization (DAO) in the United States is taking on the Securities and Exchange Commission (SEC) over its 2021 token registrations. American CryptoFed DAO has told Cointelegraph it will represent itself without an attorney over SEC allegations that it omitted and misstated information in a securities registration last year. The DAO registered its native, interdependent stablecoin Ducat and governance token Locke in its 2021 filing with the SEC, but the regulator has begun proceedings to issue a stop order citing a raft of problems with the registration. In correspondence with Cointelegraph, American CryptoFed chief operation officer …
Decentralization / Nov. 21, 2022
Crypto and securities: New interpretation of US Howey test gaining ground
The crypto community celebrated a victory in court on Jan. 30 when the United States Securities and Exchange Commission (SEC) admitted in the remedies hearing of the LBRY case that secondary sales of its LBC coin were not securities sales. John Deaton, who represents Ripple in court in the SEC’s case against it, was so excited that he created a video for his Twitter-hosted CryptoLawTV channel that evening. Deaton, a friend of the court, or amicus curiae, in the case, recounted a conversation he had with the judge that day. “Look, let’s not pretend. Secondary market sales are a problem,” …
Adoption / Feb. 9, 2023