Philippines

Manilla, Philippines, August 1st, 2024, Chainwire Venom Foundation is proud to announce a historic agreement with the government of the Republic of the Philippines to digitize billions of accountable forms using its advanced blockchain technology.  Key Highlights Landmark Opportunity and Global Significance This initiative represents a pivotal milestone for Venom and the broader crypto industry. In what could end up as the world’s largest blockchain use case, this project underscores Venom’s leadership and innovation in the blockchain space. By betting…

The post Philippines’ Central Bank Sanctions Stablecoin Pilot by Coins.ph appeared first on Coinpedia Fintech News The Philippines’ Central Bank has approved the digital currency exchange Coins.ph to pilot a Philippine Peso-backed stablecoin, PHPC. The pilot will assess the stablecoin’s benefits in real-world applications and monitor its impact on the existing financial ecosystem. The program is part of the BSP’s Regulatory Sandbox Framework, supported by Coins.ph’s cash and equivalents held in Philippine bank accounts. Coins.ph CEO Wei Zhou stated during…

The Philippines Security and Exchange Commission has issued an advisory against online trading platform eToro, accusing it of offering unregistered securities in the country.  The Philippines regulator had earlier taken action against Binance and blockaded the exchange’s operations in the country.  Philippines SEC Issues Advisory  The regulator issued the advisory in March and was publicly posted on the 4th of April, informing the public at large that eToro was not authorized to sell or offer securities to investors in the…

Binance, the world’s largest cryptocurrency exchange by trading volume, is facing a ban in the Philippines after the country’s financial regulator flagged concerns regarding the firm’s unlicensed operations.  In November, the Philippines Securities and Exchange Commission warned Binance that it was operating in the country without obtaining the necessary licenses.  Binance Facing Philippines Ban  The Philippines Securities and Exchange Commission announced the decision in a notice published on Monday. According to the notice, the country’s regulator stated that it received…

One of the criticisms surrounding cryptocurrencies is the ability of people to use it to finance illegal and disastrous activities such as terrorism, kidnapping, and more. This has led to several researches by individuals, agencies, as well as organizations regarding the issue. The Philippines Institute for Peace, Violence and Terrorism Research (PIPVTR) published a report on May 20 which reveals recent transactions by terrorist groups related to Islamic State (IS) in Southeast Asia. The institute noted an increase in terrorism…

On the 28th of January, the Payment Services Act of Singapore allowed crypto-related firms to apply for operating licenses. Additionally, the Act provides a regulatory framework for dealing with crypto-trading and digital payments operations. The Monetary Authority of Singapore, MAS, is in charge of regulation for crypto payments services, domestic transactions, and merchant regulation, which outlines the Act. Similarly, the MAS is also in charge of mitigating cyber-security risks and establishing controls to deal with the funding of terrorism and…

The Philippines' region accepts assistance from the International Monetary Fund (IMF) based on the digital currencies' cryptocurrency technicalities. It followed the IMF's beliefs in the possibility that the region will exhibit a large market for cryptocurrencies. The organization has assisted the BSP, the central bank of the region, in recommendations that reflect on the regulation of cryptocurrencies; this is explained from data collected based on cryptocurrency exchanges approved quarterly.  IMF Report The thirty-four pages report presented by the International Monetary Fund on…