Binance, the world’s biggest cryptocurrency exchange, recently attended a Philippine Senate hearing where industry leaders and regulators discussed policies and guidelines for the country regarding digital assets, per a report from local news outlet Inquirer.
Three government institutions attended the Senate hearing: the Securities and Exchange Commission (SEC), the central bank Bangko Sentral Pilipinas (BSP), and the Cagayan Economic Zone Authority (CEZA). These institutions were also in attendance with the Senate banking committee, as well as leading crypto currency exchange Binance and Fintech Alliance Philippines, a digital asset advocacy group in the region.
“We strongly believe that the crypto industry can greatly benefit the Filipino people through addressing the necessity of financial inclusion through digitalization,” said Kenneth Stern, Binance’s general manager for the Philippines, per the report.
Per the discussion, Binance has already partnered with Philippine universities and other professional groups to offer free courses in blockchain technology and cryptocurrencies, such as bitcoin. During the hearing, it was reportedly found that providing access to financial literacy would be foundational to the establishment of a functional framework.
“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,” Stern continued.
Proper consumer protections were also a central point of the discussion as the BSP’s deputy governor explained the central bank didn’t want to stifle or hinder growth in the ecosystem, but it also wanted to earn consumer confidence.
Thus, while a large focus will remain on financial literacy, it was agreed that a proper regulatory mechanism would be necessary to ensure innovation, growth and security within the digital economy.