The world’s leading cryptocurrency exchange Binance attended a Senate hearing in the Philippines on Wednesday with the participation of major national financial observers, seeking to achieve the introduction of cryptocurrencies, regulation of digital assets and decentralized finance in the country.
CEO Changpeng Zhao confirmed the news on Twitter. It is noteworthy that EthereumWorldNews reported that back in June, the largest exchange was thinking about a license for cryptocurrency in the Philippines. The development of this situation on Wednesday is consistent with Zhao’s intention to get regulatory approval in several jurisdictions and ensure the widespread distribution of cryptocurrencies.
According to the local news outlet Inquirer, several financial observers attended the Senate hearing, including the country’s central bank Bangko Sentral ng Pilipinas (BSP), the Securities Exchange Commission (SEC) and the Cagayan Economic Zone Authority (CEZA).
Binance has been joined by other private institutions in the crypto and financial industry, such as the FinTech Alliance Philippines.
The hearings focused on cryptocurrencies, regulations, adoption and support of innovations in the digital asset ecosystem, while prioritizing investor protection.
Cryptocurrency transactions in the Philippines have grown by leaps and bounds over the past few years. In the first half of 2021, the number of such transactions increased by more than 300%. In addition, virtual assets can be a financial solution for 78% of Filipinos who did not use banking services at the time of writing.
Binance pays special attention to regulatory victories and the introduction of cryptocurrencies
Indeed, it was only in 2022 that the Zhao Exchange received many regulatory approvals from supervisory authorities in regions such as Asia, Europe and the Middle East. At the time of publication, Binance has cryptocurrency licenses in Dubai, France, Italy, Kazakhstan and Spain, and these are just some of them.
Moreover, the platform allegedly negotiated with German regulators.
Recent successes of the Binance in the CIS market
The largest cryptocurrency exchange Binance, which was buying up its competitors amid the fall of cryptocurrencies, began to actively promote in the CIS countries.
Recently, it became known that the Binance cryptocurrency trading platform has received approval to manage the digital assets platform and to provide custodial services within the framework of the Astana International Financial Center. This approval was issued by the Financial Services Regulatory Committee (AFSA). This is the first state body in the CIS that has issued such a permit to Binance.
The head and founder of Binance Changpeng Zhao (CZ) said that the exchange complies with the requirements of the legislation of the countries where it operates. Kazakhstan is a leader among Central Asian countries in terms of adoption and regulation of cryptocurrencies, CZ noted.