Binance partecipa all'udienza del Senato

Binance’s Head of APAC Leon Foong and General Manager for the Philippines Kenneth Stern participated in the session of the Commissione Banche, Istituzioni Finanziarie e Valute del Senato.

After introducing Binance to the Senators, Stern said he strongly believes that the crypto industry can greatly benefit the Filipino people because it addresses “the necessity of financial inclusion.”

“78 percent of Filipinos remain unbanked but crypto can decrease that number as the number of crypto asset holders will surpass the number of credit card holders in the Philippines,” Stern said.

In a prior media release, the Bangko Sentral ng Pilipinas noto that virtual currency transactions increased by 71 percent in the first half of 2021 alone. ₱105.93 billion, which was up from ₱62.12 billion for the same period in 2022.

The Philippines also ranked high in a number of riparazioni regarding crypto usage.

Stern also shared Binance’s experience with global regulators.

"Dalla nostra esperienza di lavoro con le autorità di regolamentazione in altri paesi, è importante concentrarsi su alcuni elementi chiave: AML, KYC, protezione dei consumatori, creazione di controlli e processi e collaborazione con esperti globali nella creazione di istruzione per il pubblico per coinvolgerlo nei rischi di criptovalute”.

Stern also said Binance has a clear terms of use and risk warnings, and also does extensive due diligence before listing digital assets. To illustrate, Stern said of the 450 project applications that Binance received for listing, only five of these projects were listed.

He said Binance has conducted workshops with law enforcement agencies in Germany, Paraguay, and other countries to help facilitate investigations of cyber crimes.

He mentioned that Binance has already opened up conversations with local Philippine universities to offer courses and professional certificates in blockchain, crypto. and web3.

Finally, Stern stressed the need for a central regulator that will allow more visibility in capturing the nature and flow of fiat to e-money then to cryptocurrency.

Leon Foong, Binance’s Head APAC echoed Stern’s statements, emphasizing the following activities:

“I think the key focus should be on surveillance, AML, and CFT measures, and custody,” he said, noting by custody, he meant fintech companies as well as traditional financial institutions like banks.

As per the latest BSP rilasciare, Binance is not a licensed cryptocurrency exchange in the Philippines. Licensed local VASPs include Coins.ph, PDAX, Maya, Bloom, Moneybees, among others.

Check out the timeline of events here:

Questo articolo è pubblicato su BitPinas: Binance partecipa all'udienza del Senato

Disclaimer: Gli articoli di BitPinas e il suo contenuto esterno sono non consulenza finanziaria. Il team serve a fornire notizie indipendenti e imparziali per fornire informazioni per le criptovalute filippine e oltre.