DTI or The Philippine Department of Trade and Industry waved off a Binance ban proposal,
Due to the lack of regulatory stance on cryptocurrencies from the central bank.
The proposal is to ban global cryptocurrency exchange Binance
From operating in the Philippines
But, it seems like will not gather steam
Due to a lack of regulations towards cryptocurrencies in the country.
Additionally, The Philippine Department of Trade and Industry (DTI) has cited,
There is no clear guidelines set out by the country’s central bank,
Banko Sentral ng Pilipinas (BSP), as a dead-stop after a lobbying group
In early July they called for the prohibition of Binance
In other words, tocal think tank Infrawatch PH asked the DTI to investigate Binance
For the promotion of its services and offerings,
Which the group believes have no necessary permits.
Besides, Based on to their latest correspondence with Infrawatch PH.
DTI is unable to enforce any ruling against Binance from operating in the country,
As reported by Forkast,
The department cited a lack of legislation for virtual assets creating a gray area:
“Cryptocurrency and other forms of virtual assets are not consumer products, the Department of Trade and Industry has no jurisdiction to act on applications for sales and promotion permits to promote virtual assets per se in the absence of clear legislation on the matter.”
Moreover, DTI noted that the proposal will fall under the auspices of the country’s central bank,
Which has not released any official guidelines or regulations
For the use or sale of cryptocurrencies in the Philippines to date.
This is including any companies or service providers conducting sales
Or even promotion activities linked to financial products.
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