introduction:

• Binance, the industry-leading crypto exchange, participated in the hearing of the Philippine Senate.
• It is inferred that in June, the cryptocurrency exchange also targeted the VASP license of the Philippines.
• Crypto regulation and decentralized finance were important topics during the meeting.
• The Central Bank of the Philippines, the stock exchange Federation and other high-end regulatory organizations attended the conference.
• Personal stakeholders such as the Philippine financial industry technology alliance also participated in the hearing of binance.
• It is reported that digital asset transactions increased significantly in the first half of 2021.

On Wednesday, binance, a leading cryptocurrency exchange, participated in the hearing of the Philippine house of Lords with key domestic financial regulatory organizations to promote the selection of cryptocurrency, digital currency regulation and decentralized financial industry in the host country.

CEO Zhao CHANGPENG verified the news according to the article. It is worth noting that the Ethereum World News reported that the top exchanges began to pay attention to the Philippines' encryption license as early as June. Wednesday's high-speed development is consistent with Zhao's measures to obtain regulatory permission and promote universal use in various jurisdictions

According to the local mainstream media "inquirer", some financial industry regulatory organizations participated in the hearing of the house of Lords, including the Central Bank of the Philippines (BSP), the stock exchange Federation (SEC) and the Management Office of Cagayan Economic Development Zone (ceza).

Binance also added other private institutions in the encryption and financial industries, such as the Philippine financial industry technology alliance

The key to the hearing is the breakthrough of cryptocurrency, regulation, selection and support of the digital currency ecosystem, while giving priority to investor protection

In the past few years, crypto trading in the Philippines has developed rapidly. In the first half of 2021, such sales increased by more than 300%. In addition, virtual assets may become a financial solution for 78% of Filipinos, who have no deposits at the press conference.

In fact, in 2022 alone, Zhao's exchange won a lot of recognition from regulatory organizations in Asia, Europe and the Middle East. As of the time of submission, binance has encryption licenses in the United Arab Emirates, France, Spain, Belarus and Spain

It is said that the platform has also held talks with German regulatory organizations