After the Philippines SEC warned investors to be careful with transacting with the largest cryptocurrency exchange, Binance, given the lack of regulations the country has, the company is offering its help in regulating digital assets.
The Committee on Banks, Financial Institutions, and Currencies chaired by Senator Mark A. Villar, the Philippines Central Bank, Cagayan Economic Zone Authority, and the SEC met with Binance and the Fintech Alliance Philippines in a Senate hearing to discuss policies to regulate fintech and cryptocurrencies, according to the report.
During the meeting, both parties discussed potential policies that can help crypto and fintech consumers avoid bad characters using the exchange for money laundering or any illicit activities, which is a prominent issue for the regulators.
The Philippines ranked 15th in Chainalysis’ Global Cryptocurrency Adoption Index in 2021. Crypto transactions in the country saw a spike of 362% in the first half of 2021.