The Philippines’ financial authorities are making conscious efforts to efficiently regulate the cryptocurrency industry in the country. Past attempts from the Central Bank of the country and the country’s Securities and Exchange Commission (SEC) to check activities in the industry have not gone unreported.

Recognizing that recent moves are not sufficient enough to make for crypto regulatory measures, the authorities are having an in-depth look at the industry. This time, seeking opinions from private entities such as Binance.

Philippines is looking to effectively regulate crypto

On Wednesday, prominent Filipino news media, Inquirer revealed details of a recent senate hearing on cryptocurrencies. Senator Mark Villar chaired the hearing, and several government institutions were present. The institutions include the Bangko Sentral ng Pilipinas (BSP), the country’s SEC and the Cagayan Economic Zone Authority (CEZA).

The institutions discussed regulation of the crypto industry with Binance and the FinTech Alliance Philippines. The discourse addressed recent regulatory actions and measures to take in order to foster innovation in the industry. In addition, the entities discussed viable options for proper consumer protection.

Additionally, Governor of the BSP, Chuchi Fonancier highlighted the Central Bank’s active efforts at making sure the industry grows. As part of these efforts, the BSP recently revealed plans to halt VASP license applications for 3 years. The bank says this is geared towards mitigating risks in the sector. Furthermore, the BSP’s efforts, according to Fonancier, include research towards policy formation.

Binance’s license application process is looking good

Additionally, SEC chair Emilio Aquino pointed out the necessity of curbing crypto-related crimes in the country. Also, the General Manager of Binance for the Philippines, Kenneth Stern highlighted the significance of crypto adoption in the Philippines. “78% of Filipinos remain unbanked, but crypto can help decrease that number,” he said.

On the issue of consumer protection, Binance mentioned measures it is taking to ensure proper security. The exchange noted its robust security policies and KYC measures. Recall that, two months ago, Binance revealed that it was seeking to procure two significant licenses in the Philippines. The exchange recently noted that the process is going smoothly.

On the other hand, the SEC advised the investors within the country against using Binance three weeks back. The commission cited lack a lack of “necessary authority or license” to run an investment platform in the country. This came after the think-tank Infrawatch PH made several class for the ban of the exchange.

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