Binance Extends Aid To Spread Crypto and DeFi Regulations in the Philippines

‍Quick take:

• Binance and FinTech Alliance Philippines join hands to spread crypto regulations.
• The duo will aid in laying out Crypto and DeFi frameworks in the Philippines.

Amidst all the TerraUSD madness and the prolonged bear market, Binance was one of the few exchanges to stay sturdy and continue on its expansion spree. Even though the exchange managed to veer into different territories, the Philippines was still a tough nut to track.

It was to an extent that the Philippines’ Securities and Exchange Commission even warned the public to not invest via Binance. The country even had plans to ban the exchange.

But the situation is changing as the country’s stance on Binance seems to be flipping. 

As per the details from a recent report, Binance and FinTech Alliance Philippines are collaboratively aiding in laying out crypto regulations and frameworks in the country.

Government organizations like the Bangko Sentral ng Pilipinas (BSP), Security Exchange Commission (SEC), and the Cagayan Economic Zone Authority (CEZA), as well as private organizations like Binance and the FinTech Alliance Philippines, met in a Senate hearing. 

The hearing held with the Committee on banks, financial institutions, and currencies, which is chaired by Senator Mark A. Villar, was held to discuss important initiatives in formulating policies and guidelines for fintech and digital assets.

Crypto and Fintech and the policies and guidelines revolving around them were discussed in the hearing. The discussions are a part of the country’s process of conducting in-depth research about digital assets to make sure that they stay up to date with the technology.

What does this mean? 

At the minute it’s little more than Binance continuing to sing Crypto’s praises and their ongoing attempts to facilitate mainstream adoption. 

However, this could also be a new step towards Binance getting regulation and a bigger presence in the Philippines.