Binance seeks a license to establish a presence in the Philippines before the moratorium and provide educational resources to future traders and blockchain developers.
Benance’s representatives participated in a hearing of the Philippine Senate Banking Committee, according to a report published by the local press on Wednesday. The session was also attended by the Deputy Governor of Bangkok Central Ng Pelibinas Chuchi Funasir, the Chairman of the country’s Security Exchange Commission (SEC) Emilio Aquino, members of the FinTech Alliance Philippines and the Economic Zone Authority Cagayan.
The hearing was devoted to fintech innovation and consumer protection, according to the report. Fonacier discussed sandbox’s approach to regulation, and Aquino talked about digital asset security. Benance represented APAC Director Leon Fung and Filipino General Manager Kenneth Stern, who told the hearing about the stock exchange’s security and know-your-customer process. Stern said at the hearing:
“78% of Filipinos are still unbanked, but encryption can help reduce this figure as cryptocurrency holders will soon surpass the number of credit card holders in the country.”
Binance said it is also sponsoring a training programme for new cryptocurrency traders in the Philippines this month, and is in talks with local universities about providing courses and certificates in blockchain technology.
The Philippines had a vague relationship with cryptocurrencies and Binance in particular, despite its fast-growing economy and the popularity of cryptocurrencies in the country. Benance had long looked forward to establishing services in the country, but faced opposition from a local think tank that was later rejected by the authorities.
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
However, the Philippine Securities and Exchange Commission issued a letter on Aug. 2 warning the public against investing with Binance. The country’s central bank will impose a three-year moratorium on virtual asset service providers’ orders starting September 1, citing “risks that may undermine financial stability.” The CEO of Binance Changpeng Zhao stated in June that the company will seek a VASP license in the country.
The Central Bank of the Philippines stated that I am also exploring issuing a cryptocurrency to the Central Bank in bulk.