The Philippine SEC chair highlighted the need to reduce cryptocurrency-related crime, while Kenneth Stern emphasized the importance of adoption. Some Korean companies dealing in securities reportedly work with financial agencies to obtain a license to offer exchange services.
The Philippine financial authorities are working together to regulate the local cryptocurrency business more effectively. Since they observed their previous actions were inadequate, they decided to turn to Binance and other private companies for advice.
According to a local Philippine media outlet, many government agencies participated in a Senate session that Senator Mark Villar chaired. The Central Bank of the Philippines, the Securities and Exchange Commission (SEC), and the Cagayan Economic Zone Authority (CEZA) were among those organizations.
Cryptocurrency Adoption and Security Standards in the Philippines
The institutions that met to discuss the cryptocurrency industry regulation included Binance and FinTech Alliance Philippines. They debated recent regulatory actions and possible measures to encourage innovation in the sector and guarantee client protection.
Emilio Benito Aquino, the SEC chairman, highlighted the need to reduce the number of crimes related to crypto assets. Meanwhile, Kenneth Stern, Binance General Manager for the Philippines, emphasized the relevance of adopting cryptocurrencies.
The cryptocurrency exchange addressed the client protection issue by discussing its steps to guarantee security. The company claimed it followed strict security standards and know-your-customer (KYC) procedures.
However, the SEC recently warned investors not to use Binance, saying the company did not have a license to operate.
Meanwhile, Leading Companies Plan to Launch Cryptocurrency Exchanges in Korea
According to local South Korean media, various leading companies plan to enter the cryptocurrency world. Samsung, Mirae Asset Securities, and other publicly traded firms want to launch their cryptocurrency trading platforms.
Those companies, which deal in securities, are reportedly working with South Korean financial agencies to obtain a license. The discussions that might allow them to offer the services of exchange seem to be in the final stages.
South Korea Has Become More Receptive to Cryptocurrencies
South Korean regulatory agencies have always targeted the cryptocurrency industry, even banning over 60 exchanges in 2021. Those companies had to register and comply with the rules of local financial supervisor FIU to resume their activities.
Many exchanges failed to meet those parameters and had to close their doors. However, Upbit, Bithumb, Coinone and Korbit, the four largest South Korean cryptocurrency exchanges, could obtain their licenses.
The government has also tightened control over the trade of cryptocurrencies after the Terra (LUNA) collapse. Do Kwon, the leader of the project, who was born in South Korea, is under investigation by local agents.
However, Korea has become more receptive to cryptocurrencies after its new president, Yoon Suk Yeol, took office. Since he is a crypto enthusiast, he promises to raise the tax default limit on digital asset investment gains.
In that regard, the ability of some leading Korean companies to enter the crypto industry may represent a significant step forward. That way, the Asian country may become a cryptocurrency hub.
By Alexander Salazar
