The Philippine Senate holds a hearing to discuss cryptocurrency regulation.

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In a Senate hearing attended by several executives from the cryptocurrency industry, including from crypto exchange Binance, the central bank and the Securities and Exchange Commission (SEC) of the Philippines discussed the regulation of cryptocurrencies.

During a hearing of the Senate Committee on Banks, Financial Institutions, and Currencies, which was presided over by Senator Mark Villar, Philippine regulators recently discussed cryptocurrency regulation with some executives from the industry, according to the Inquirer on Wednesday.

There were representatives from the Cagayan Economic Zone Authority (CEZA), the Bangko Sentral ng Pilipinas (BSP), and the Philippine Securities and Exchange Commission (SEC). Leon Foong, director of Binance APAC, and Kenneth Stern, general manager of the exchange for the Philippines, are among the executives from the cryptocurrency sector. Lito Villanueva, the chairman of the Fintech Alliance, took part in the conversation as well.

During a hearing of the Senate Committee on Banks, Financial Institutions, and Currencies, which was presided over by Senator Mark Villar, Philippine regulators recently discussed cryptocurrency regulation with some executives from the industry, according to the Inquirer on Wednesday.

There were representatives from the Cagayan Economic Zone Authority (CEZA), the Bangko Sentral ng Pilipinas (BSP), and the Philippine Securities and Exchange Commission (SEC). Leon Foong, director of Binance APAC, and Kenneth Stern, general manager of the exchange for the Philippines, are among the executives from the cryptocurrency sector. Lito Villanueva, the chairman of the Fintech Alliance, took part in the conversation as well. The Binance manager for the Philippines added:

78% of Filipinos remain unbanked, but crypto can help decrease that number as crypto asset holders will soon surpass the number of credit card holders in the country.

The representatives from the international cryptocurrency exchange also discussed the security and user protection procedures for the trading platform. The know your customer (KYC) procedure, cooperation with international law enforcement and banking organizations, and the digital asset listing procedure were among them. Changpeng Zhao (CZ), the CEO of Binance, stated in a tweet on Wednesday that his organization is “pushing crypto adoption” in the Philippines.

Participants in the discussion concurred that a sound regulatory framework is essential for the development of the cryptocurrency industry and that promoting financial literacy is essential for ensuring user protection. Binance has already partnered with a few local universities and professional organizations to provide free courses in decentralized finance, web3, the metaverse, blockchain technology, and cryptocurrency (defi).

Last week, the Philippine central bank warned the public about engaging with foreign crypto service providers. Earlier this month, the regulator said that it will stop accepting crypto license applications for three years.