Binance ban off the cards, says Philippine trade and industry department
The Philippine Department of Trade and Industry waved off a Binance ban proposal, citing a lack of regulatory stance on cryptocurrencies from the central bank. A proposal to ban global cryptocurrency exchange Binance from operating in the Philippines will not gather steam due to a lack of regulations towards cryptocurrencies in the country.The Philippines’ Department of Trade and Industry (DTI) has cited no clear guidelines set out by the country’s central bank, Banko Sentral ng Pilipinas (BSP), as a dead-stop after a lobbying group called for the prohibition of Binance in early July.Local....
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Binance responded to the letter saying that they take compliance seriously and are looking to secure licenses in the country. Local think tank Infrawatch PH has sent a letter to the Philippines' Department of Trade and Industry (DTI), urging the government agency to launch an investigation against crypto exchange Binance for promotions without permits. The letter alleged that the crypto exchange has been targeting Filipino consumers with unregistered promotions that are being casually posted on social media platforms. Terry Ridon, the Convenor for Infrawatch PH, said that Binance....
Binance is also working with Philippine regulators to establish a framework to encourage Bitcoin and crypto adoption in the country.
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....
The government of the Philippines is not yet certain on whether to classify Axie infinity-game NFTs as currency or securities. The Axie Infinity is one of the Philippine games powered by cryptocurrency that has recorded enormous success since its creation. However, amid this, the local Finance Department revealed their intention to short-cut profits emanating from […]
Reuters has reported that the Philippine central bank is becoming a big proponent for cyber security and may soon regulate Bitcoin operators located within the region. Philippine Central Bank says Cyber Security is a Focus. A senior official told press that banks need better defenses after the wake of the recent SWIFT and Federal Reserve breaches.....