A VIEW TO BAN CRYPTO EXCHANGE BINANCE IN PHILIPPINES WILL NOT GATHER STEAM
A proposal to ban global cryptocurrency exchange Binance from operating in the Philippines will not gain traction due to the country's lack of cryptocurrency regulations.
The Philippines' Department of Trade and Industry (DTI) cited no clear guidance from the country's central bank, the Banko Sentral ng Pilipinas (BSP), as a dead end after the lobby group called for a ban on Binance in early July. .
Local think tank Infrawatch PH has asked the DTI to investigate Binance for promoting its services and offerings, which the group believes was done without the necessary permits.
Binance has sought to accommodate stakeholders, telling Cointelegraph that it intends to secure virtual asset service providers and electronic money issuers in the Philippines.
However, according to their latest correspondence with Infrawatch PH, the DTI is unable to enforce any ruling against Binance from operating in the country. As reported by Forkast, the ministry cited a lack of legislation for virtual assets that creates a gray area:
"Cryptocurrencies and other forms of virtual assets are not consumer goods, the Department of Trade and Industry has no jurisdiction to act on applications for sales and promotion permits to promote virtual assets as such, unless there is clear legislation on the matter."
The DTI noted that the proposal will fall under the auspices of the country's central bank, which has yet to issue any official guidelines or regulations for the use or sale of cryptocurrencies in the Philippines. This would include all companies or service providers carrying out sales or promotional activities related to financial products.