The Philippines Department of Trade and Industry (DTI) sees no reason to ban Binance as the proposal lacked a regulatory stance on cryptocurrencies from the central bank.
How many crypto owners are there in the Philippines? It is estimated that over 4.3 million people, 4.0% of the Philippines’ total population, currently own cryptocurrency.
Local think tank Infrawatch PH had asked DTI in early July to investigate Binance for promoting unregulated services and offerings.
Binance has then reached out to the regulators and cited that they are working closely with them so that they can secure a Virtual Asset Service Provider (VASP) so that they can operate in the Philippines
Once regulations are placed, more companies interested in expanding into the cryptocurrency space will be able to invest much easier as they will have protection from the government.