• Contact Us
  • Affiliate Disclosure
  • Privacy Policy
  • Terms of Use
  • DMCA
Tuesday, January 31, 2023
WongaNews.com
  • Live Prices
  • Crypto News
  • Bitcoin
  • Altcoins
  • NFT News
  • Blockchain
  • Regulations
  • Trading
No Result
View All Result
  • Live Prices
  • Crypto News
  • Bitcoin
  • Altcoins
  • NFT News
  • Blockchain
  • Regulations
  • Trading
No Result
View All Result
WongaNews.com
No Result
View All Result

Philippine Lawmakers, Central Bank, SEC Discuss Crypto Regulation in Senate Hearing – Regulation Bitcoin News

August 26, 2022
in Regulations
Reading Time: 4 mins read
A A
ShareShareShareShareShare

Related articles

Silvergate’s ties to FTX face renewed scrutiny from senators

January 31, 2023

Economic Survey stresses common approach to crypto regulation- The New Indian Express

January 31, 2023

The central bank and the Securities and Exchange Commission (SEC) of the Philippines discussed crypto regulation in a Senate hearing with the participation of several executives from the crypto industry, including from crypto exchange Binance.

Philippine Regulators Discuss Crypto Policies

Philippine regulators recently discussed cryptocurrency regulation with some executives from the crypto industry in a Senate Committee on Banks, Financial Institutions, and Currencies hearing, chaired by Senator Mark Villar, the Inquirer reported Wednesday.

Bangko Sentral ng Pilipinas (BSP), the Philippine Securities and Exchange Commission (SEC), and the Cagayan Economic Zone Authority (CEZA) were present. The executives from the crypto industry include Binance APAC Director Leon Foong and the exchange’s general manager for the Philippines, Kenneth Stern. Fintech Alliance’s chairperson, Lito Villanueva, also participated in the discussion.

The regulators and industry participants discussed several initiatives key to establishing policies and guidelines for fintech and digital assets, the publication conveyed. BSP Deputy Governor Chuchi Fonacier talked about the central bank’s sandbox approach to crypto regulation, including conducting research into the formation of digital asset policies.

SEC Chairman Emilio Aquino emphasized the need to actively enforce security measures against misconduct involving digital assets. Senator Sonny Angara asked if cease and desist orders are enough enforcement against the illicit use of cryptocurrencies. The lawmaker pointed out that illegal crypto activities take place on websites made available globally on the internet.

Stern shared: “We strongly believe that the crypto industry can greatly benefit the Filipino people through addressing the necessity of financial inclusion through digitalization.” The Binance manager for the Philippines added:

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.

The representatives from the global crypto exchange also shared the trading platform’s user protection and security policies. They included the know your customer (KYC) process, collaboration with global law enforcement and banking agencies, and the digital asset listing process. Binance CEO Changpeng Zhao (CZ) tweeted Wednesday that his company is “pushing crypto adoption” in the Philippines.

Discussion participants agreed that a proper regulatory framework is necessary for the growth of the crypto industry, and providing financial literacy is key to ensuring user protection. Binance has already partnered with some local universities and professional groups to offer free courses in blockchain technology, cryptocurrency, web3, crypto trading, the metaverse, and decentralized finance (defi).

Last week, the Philippine central bank warned the public about engaging with foreign crypto service providers. Earlier this month, the regulator said that it will stop accepting crypto license applications for three years.

What do you think about Philippine regulators discussing cryptocurrency regulation with representatives from the crypto industry? Let us know in the comments section below.

Kevin Helms

A student of Austrian Economics, Kevin found Bitcoin in 2011 and has been an evangelist ever since. His interests lie in Bitcoin security, open-source systems, network effects and the intersection between economics and cryptography.

Image Credits: Shutterstock, Pixabay, Wiki Commons

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

More Popular News

In Case You Missed It


Credit: Source link

ShareTweetSendPinShare
Previous Post

Venezuelan Bolivar Plunges as Central Bank Stops Intervening and Public Spending Rises – Economics Bitcoin News

Next Post

Japan To Reform Crypto Corporate Tax Laws

Related Posts

Silvergate’s ties to FTX face renewed scrutiny from senators

January 31, 2023

Several U.S. senators are seeking new details from Silvergate Capital about its knowledge of FTX’s wrongdoing, according to a Jan....

Economic Survey stresses common approach to crypto regulation- The New Indian Express

January 31, 2023

Express News Service BENGALURU: For the first time, cryptocurrency found its way into the Economic Survey, as it highlighted the...

CFTC Needs More Dialogue With Market Participants to Modernize Regulation

January 31, 2023

“That culture is not solely part of what’s happening in the subsidiary but it's often influenced by what’s happening in...

Stablecoins face uncertain future in Hong Kong as new regulation reveals…

January 31, 2023

The Hong Kong Monetary Authority has concluded its discussion paper on crypto-assets and stablecoins. The regulator has clarified that Hong...

CFTC Commissioner on Crypto Regulation; Analysts Expect Fed Decision to Trigger ‘Healthy Pullback’ in Bitcoin | First Mover Video

January 31, 2023

Emily Parker is CoinDesk's executive director of global content. Previously, Emily was a member of the Policy Planning staff at...

Load More
Next Post

Japan To Reform Crypto Corporate Tax Laws

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Recommended

Lawyers Speak on Motions Dealing With Potential conflicts

January 22, 2023

Polygon Ends the Year on a High

January 4, 2023

Ripple vs SEC-Final Countdown Begins, Will Exchanges Relist XRP or Will Price Miss Another Bull Run?

January 31, 2023

About Us

Wonga News is an online news portal that aims to provide the latest crypto news, blockchain, regulations, and much more stuff like that around the world. We promise to share only high quality content from the world's best crypto sources. Feel free to get in touch with us!

What’s New Here!

  • Kazakhstan Seeks to Improve Cryptocurrency Trading Framework
  • Squid brings native cross-chain swaps to 25 blockchains
  • Silvergate’s ties to FTX face renewed scrutiny from senators

Newsletter

Loading
  • Contact Us
  • Affiliate Disclosure
  • Privacy Policy
  • Terms of Use
  • DMCA

© 2022 WongaNews.com - All Rights Reserved!

No Result
View All Result
  • Live Prices
  • Crypto News
  • Bitcoin
  • Altcoins
  • NFT News
  • Blockchain
  • Regulations
  • Trading

© 2022 - WongaNews.com - All Rights Reserved!

  • bitcoinBitcoin(BTC)$23,135.001.53%
  • ethereumEthereum(ETH)$1,584.551.17%
  • USDEXUSDEX(USDEX)$1.07-0.47%
  • tetherTether(USDT)$1.00-0.19%
  • usd-coinUSD Coin(USDC)$1.00-0.09%
  • binancecoinBNB(BNB)$312.171.75%
  • rippleXRP(XRP)$0.4074203.12%
  • binance-usdBinance USD(BUSD)$1.00-0.07%
  • cardanoCardano(ADA)$0.3908435.10%
  • dogecoinDogecoin(DOGE)$0.0955588.56%
  • matic-networkPolygon(MATIC)$1.112.04%
  • okbOKB(OKB)$37.711.32%
  • solanaSolana(SOL)$23.930.25%
  • staked-etherLido Staked Ether(STETH)$1,578.210.97%
  • polkadotPolkadot(DOT)$6.261.26%
  • shiba-inuShiba Inu(SHIB)$0.0000122.72%
  • litecoinLitecoin(LTC)$93.953.74%
  • avalanche-2Avalanche(AVAX)$19.851.01%
  • tronTRON(TRX)$0.062124-0.32%
  • daiDai(DAI)$1.00-0.14%
  • uniswapUniswap(UNI)$6.571.37%
  • wrapped-bitcoinWrapped Bitcoin(WBTC)$23,076.001.52%
  • cosmosCosmos Hub(ATOM)$13.342.21%
  • chainlinkChainlink(LINK)$6.940.51%
  • ToncoinToncoin(TON)$2.300.64%
  • leo-tokenLEO Token(LEO)$3.54-0.03%
  • moneroMonero(XMR)$177.450.74%
  • ethereum-classicEthereum Classic(ETC)$21.651.50%
  • AptosAptos(APT)$16.76-2.42%
  • bitcoin-cashBitcoin Cash(BCH)$132.361.78%
  • Aerarium FiAerarium Fi(AERA)$7.12-13.06%
  • stellarStellar(XLM)$0.0907240.84%
  • apecoinApeCoin(APE)$5.861.07%
  • quant-networkQuant(QNT)$142.140.98%
  • crypto-com-chainCronos(CRO)$0.0791091.91%
  • nearNEAR Protocol(NEAR)$2.331.53%
  • filecoinFilecoin(FIL)$5.272.85%
  • lido-daoLido DAO(LDO)$2.206.65%
  • algorandAlgorand(ALGO)$0.2423261.24%
  • vechainVeChain(VET)$0.0231650.68%
  • internet-computerInternet Computer(ICP)$5.882.12%
  • hedera-hashgraphHedera(HBAR)$0.0646691.59%
  • fantomFantom(FTM)$0.5516.19%
  • decentralandDecentraland(MANA)$0.74-1.08%
  • axie-infinityAxie Infinity(AXS)$10.850.81%
  • aaveAave(AAVE)$82.832.41%
  • eosEOS(EOS)$1.061.51%
  • the-sandboxThe Sandbox(SAND)$0.731.13%
  • flowFlow(FLOW)$1.078.96%
  • elrond-erd-2MultiversX(EGLD)$42.972.39%