According to a report by inquirer.net, the Philippines Securities and Exchange Commission (SEC) urged users in early August not to invest with Binance, but despite their tense relationship, the exchange is currently assisting the Philippines government in developing cryptocurrency legislation, as reported by Cryptoslate.
The Philippines’ central bank, the Cagayan Economic Zone Authority, the SEC, and Binance met with the Fintech Alliance Philippines at a Senate hearing to discuss regulations for fintech and cryptocurrencies, according to the report. The hearing was presided over by Senator Mark A. Villar.
Cryptoslate noted, according to reports, the topic of conversation was how the nation might benefit from new advancements while maintaining safeguards for consumer safety. Research is being done to develop policies for digital assets, and SEC chair Emilio Aquino has emphasised the necessity for stringent security measures to prevent wrongdoing.
According to the source, senator Sonny Angara questioned whether cease and desist orders are adequate to stop the illegitimate use of digital assets at the Senate session, especially given that the fake websites are accessible from anywhere in the world.
In Chainalysis’ Global Cryptocurrency Adoption Index for 2021, the Philippines came in at number 15. According to the data, the number of crypto transactions in the nation increased by 362% in the first half of 2021.
(With insights from Cryptoslate)
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