Binance discusses crypto regulations with Philippine financial regulators

Binance, the largest cryptocurrency exchange in the world, was present at a Senate hearing in the Philippines on Wednesday with key local financial regulators to advocate for crypto adoption, digital asset legislation, and decentralized finance in the nation.

The news was verified by CEO Changpeng Zhao through a tweet. In June, EthereumWorldNews revealed that the leading exchange was seeking a cryptocurrency license in the Philippines. The development on Wednesday coincides with Zhao’s plan to get regulatory permissions in numerous countries and promote wider usage.

According to the local news source Inquirer, the Senate hearing was attended by representatives from a number of financial regulatory bodies, including the country’s central bank, Bangko Sentral ng Pilipinas (BSP), the Security Exchange Commission (SEC), and the Cagayan Economic Zone Authority (CEZA).

Other private organizations in the cryptocurrency and financial industries, such as the FinTech Alliance Philippines, joined Binance.

The discussion focused on cryptocurrencies, legislation, acceptance, and fostering innovation within the ecosystem of digital assets while emphasizing investor safety.

In the last few years, crypto transactions in the Philippines have expanded exponentially. In the first half of 2021, the volume of such transactions increased by more than 300%. In addition, virtual assets might provide a financial answer for the 78% of Filipinos who are unbanked at the time of publication.

In 2022 alone, Zhao’s exchange has received a multitude of regulatory approvals from authorities in places such as Asia, Europe, and the Middle East. Binance has crypto licenses in Dubai, France, Italy, Kazakhstan, and Spain, among others, as of press time.

Naga, a Web3 reporter and SEO writer with a degree in Communications and Marketing, has reported the news in the crypto and blockchain industries, including DeFi, exchanges, nfts, and laws. In addition to his interest in disruptive technology, he likes outdoor photography, chess, and football.

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