Sunday, January 29, 2023
BTC NOON
  • Home
  • News
  • Bitcoin
  • Ethereum
  • Blockchain
  • Altcoins
  • BNB
  • DeFi
  • NFT
  • Luna Crash
  • Regulation
No Result
View All Result
BTC NOON
No Result
View All Result
Home Regulation

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

Artem Bogdanov by Artem Bogdanov
August 26, 2022
in Regulation
0
Philippine Lawmakers, Central Bank, SEC Discuss Crypto Regulation in Senate Hearing – Regulation Bitcoin News
0
SHARES
0
VIEWS
Share on FacebookShare on Twitter

RELATED POSTS

Americans want crypto regulations more than Marijuana regulations: Survey

Crypto banking hit as Custodia Bank Federal Reserve application denied


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

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





Source link

Tags: BankBitcoinCentralCryptoDiscussHearingLawmakersNewsPhilippineRegulationSECSenate
ShareTweetPin
Artem Bogdanov

Artem Bogdanov

Related Posts

Americans want crypto regulations more than Marijuana regulations: Survey

Americans want crypto regulations more than Marijuana regulations: Survey

by Artem Bogdanov
January 29, 2023
0

The US has better regulations for Marjuana in comparison to cryptocurrencies, the Internet and social media. Recently, Harvard CAPS-Harris Poll...

Crypto banking hit as Custodia Bank Federal Reserve application denied

Crypto banking hit as Custodia Bank Federal Reserve application denied

by Artem Bogdanov
January 28, 2023
0

The Federal Reserve Board has denied a Wyoming cryptocurrency bank’s application for Federal Reserve System membership, officials announced Friday, dealing...

White House officials criticize Congress for not enacting crypto regulations

White House officials criticize Congress for not enacting crypto regulations

by Artem Bogdanov
January 28, 2023
0

Four senior White House officials posted a blog yesterday, criticizing Congress for failing to enact cryptocurrency regulations. However, crypto regulations...

Elon Musk Wants McDonald’s to Accept Dogecoin; Amazon to Launch NFT Initiative

Elon Musk Wants McDonald’s to Accept Dogecoin; Amazon to Launch NFT Initiative

by Artem Bogdanov
January 28, 2023
0

Tesla CEO Elon Musk has come out as a Dogecoin supporter again, expressing his love for the fast-food giant McDonald’s....

Congress should reinvigorate the CFTC so it can regulate shadowy financial markets

by Artem Bogdanov
January 28, 2023
0

By Todd Phillips Regulators must get the authority and resources to better supervise existing products and address new ones like...

Next Post
Versailles Heroes NFT the Newest NFT Project Set to Blow Up

Versailles Heroes NFT the Newest NFT Project Set to Blow Up

Suspected cryptocurrency scam company shut down

Suspected cryptocurrency scam company shut down

RECOMMENDED

Pioneers React to Amazon Pi Domain – BSC NEWS

Pioneers React to Amazon Pi Domain – BSC NEWS

January 29, 2023
Ethereum (ETH) Price Analysis for January 28

Ethereum (ETH) Price Analysis for January 28

January 29, 2023

MOST VIEWED

  • Donald Trump’s NFT Card Collection Sells Out In Less Than A Day

    Donald Trump’s NFT Card Collection Sells Out In Less Than A Day

    0 shares
    Share 0 Tweet 0
  • Destiny 2: Season of the Seraph Warmind Node locations

    0 shares
    Share 0 Tweet 0
  • How Did Sam Bankman-Fried’s Alameda Research Lose So Much Money?

    0 shares
    Share 0 Tweet 0
  • Project Cedar: Improving Cross-Border Payments With Blockchain Technology

    0 shares
    Share 0 Tweet 0
  • Could USDT Crash Like Luna? Here’s 3 Safe Options

    0 shares
    Share 0 Tweet 0

Recent News

Pioneers React to Amazon Pi Domain – BSC NEWS

Pioneers React to Amazon Pi Domain – BSC NEWS

January 29, 2023
Ethereum (ETH) Price Analysis for January 28

Ethereum (ETH) Price Analysis for January 28

January 29, 2023
Dozens dead as bus plunges off cliff in northern Peru

Dozens dead as bus plunges off cliff in northern Peru

January 29, 2023

Category

  • Altcoin
  • Altcoins
  • Bitcoin
  • Blockchain
  • BNB
  • Business
  • DeFi
  • Ethereum
  • Luna Crash
  • Metaverse
  • News
  • NFT
  • Regulation

Follow Us

Find Via Tags

altcoin Altcoins analyst big Binance Bitcoin Blockchain BNB BTC buy Cardano Chain Coin Crash Crypto Cryptocurrency DeFi Digital dogecoin ETH Ethereum Exchange Eyes Finance FTX heres investors Launches Luna Market Merge News NFT NFTs Platform Prediction Price Protocol Regulation Solana Token Top Trading Week XRP

© 2021 BTC Noon

No Result
View All Result
  • Home
  • News
  • Bitcoin
  • Ethereum
  • Blockchain
  • Altcoins
  • BNB
  • DeFi
  • NFT
  • Luna Crash
  • Regulation

© 2021 BTC Noon