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https://www.nationthailand.com/pr-news/business/pr-news/40019653

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Bangkok (September 1, 2022) – The movement of the crypto industry has continually seen a rise within Asia. These developments are top of mind for many country’s financial sectors, which are exploring ways to embrace these new developments and innovations and specifically on how best to regulate digital assets, including cryptocurrencies.

In August 2022, Binance, the world’s leading blockchain ecosystem behind the largest cryptocurrency exchange, continued working with various regulators and industry players in Asia, including the Philippines, Cambodia, and South Korea, to discuss and build a regulatory framework. The aim is to strengthen digital asset regulatory operations for the use of cryptocurrencies and a decentralized financial system (DeFi).

In the Philippines, Binance and the FinTech Alliance Philippines represented the digital asset industry in a Senate hearing by the Committee on Banks, Financial Institutions & Currencies. Government institutions like the Banko Sentral ng Pilipinas (BSP), the Security Exchange Commission (SEC) and the Cagayan Economic Zone Authority (CEZA) were also present in the Senate hearing to discuss key initiatives aimed at putting together policies and guidelines for FinTech and digital assets. Central to the discussion was how the Philippines can harness new innovation while ensuring the appropriate guardrails are in place necessary for consumer protection.
 

During the Senate hearing, the industry players provided critical insights for the committee and shared the steps that should be implemented to address security concerns. Binance specifically highlighted its policies around user protection and security, which are some of the strictest in the FinTech industry. Key security features are embedded at all stages of a user’s experience, including strict Know Your Customer (KYC) process, active collaboration with global law enforcement and banking agencies, and the strict evaluation process of digital assets offered on the exchange.

In mid-August, Binance Capital Management Co., Ltd. also cooperated with the Securities and Exchange Regulator of Cambodia (SERC) to organize a capacity building workshop for SERC officials as part of the MOU implementation. This workshop is designed to enhance the knowledge of digital asset operations for SERC management and officials. Through the workshop, they obtain additional insight needed for developing the legal framework for regulating and developing the digital asset market in Cambodia. 

The capacity building program of the workshop included:
•    Introduction to Blockchain and Digital Assets
•    Regulating the Digital Asset Industry: Policy Strategies

Some of the key topics covered during the workshop were the types of digital assets, consumer protection, token listings, DeFi applications, stablecoins, and more.

More recently on Friday, August 26, 2022, Binance announced the signing of a Memorandum of Understanding (MoU) with the City of Busan in South Korea. The MoU will see Binance providing technological and infrastructure support for the development of the city’s blockchain ecosystem and promotion of the Busan Digital Asset Exchange, as well as the order book sharing between the two parties. Besides, Binance plans to develop and foster Busan City’s blockchain sector in several ways:

•    Utilizing Busan’s blockchain regulatory-free zone to promote blockchain initiatives and businesses. 
•    Supporting blockchain-related research and investments in the city. 
•    Providing specialized blockchain education and online resources from Binance Academy.
•    Advancing initiatives that promote societal well-being through Binance Charity.
•    Helping with the organization of Blockchain Week in Busan in 2022 (BWB 2022).

Furthermore, Binance said it will establish a presence in Busan by the end of the year, which is expected to serve as a driving force for the city to become one of East Asia’s most vibrant digital hubs.
 

Published : September 02, 2022

By : THE NATION