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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.
