The ban will take effect within three months, allowing investors to exit their crypto positions held via the Binance exchange.
Philippines News
The Philippines, officially the Republic of Philippines, is a unitary archipelagic country in Southeast Asia. The Philippines is the 63rd largest country in the world and 12th in terms of population. The Philippines is one of the most ethnically diverse countries and has a large amount of various religious confessions. Philippines had gross domestic product of $348 billion at the end of 2018, making it the 34th largest economy at the time. The economy is largely made up of manufacturing electronic products, transport equipment, petroleum and its products, and agricultural goods. The economy of the Philippines is becoming more and more tech-oriented, even though 30% of the labor force is employed in the agricultural sector. Cryptocurrency in the Philippines is legal due to Circular No. 944 form, which established guidelines for Virtual Currency exchanges on June 2, 2017. The Philippines control over Bitcoin exchanges is performed by the Central Bank of the Philippines.
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Project Agila will first look at transfers between commercial banks and later try securities settlements and other high-value services.
2882Binance is still accessible in the country even after a three-month countdown imposed by the Philippines SEC for banning unlicensed crypto trading platforms.
10734Asian nations are pushing hard for more consumer protection, more oversight and more technical abilities for regulators.
3924The country’s central bank will focus on a wholesale CBDC, which will be mediated by banks.
5218Cointelegraph reached out to OTC service providers from two different areas of the world to learn more about the role of OTC crypto trading hubs in the crypto ecosystem.
2411The head of the Philippines SEC clarified that Binance and any other unregistered exchange issued with an advisory has three months before they are banned from the country.
23580According to the Philippines SEC, entities involved in promoting or trading on Binance could face up to 21 years of imprisonment and $90,000 in penalties.
6433Real-world asset tokenization as a concept has existed for some time. However, in 2023, with the growing interest of institutions, various governments have started experimenting with the idea.
535118 million users of Coins.ph are expected to receive a faster, lower-cost and more accessible remittance option as a result of the new partnership with Circle.
5490While Thai regulators aim to tax crypto earned overseas, Brazilian lawmakers seek to protect it from seizure.
3668The Philippines SEC is now collaborating with the U.S. SEC and the Asian Development Bank to better combat crypto-related crime.
3276Playing crypto games can be riskier than investing in cryptocurrencies, according to the Filipino ACG, considering the ease with which gamers can lose their digital tokens and NFTs.
7641The project simulated transfers to customers of BDO Unibank in the Philippines with improved settlement time, cost and transparency.
11754Donald Lim believes blockchain and Web3 projects have the “opportunity to flourish” in the country.
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