Binance is one of the biggest crypto companies with a significant daily trading volume. It has been opening new branches in different parts of the world. This means it has acquired licenses in different countries.
Changpeng Zhao, the company’s CEO, has also gone to different nations and held meetings with major government representatives.
Therefore, it surprised the company when it faced numerous hurdles when it tried to set shop in the Philippines. The company met heavy opposition from the country’s regulators, such as the SEC of the country.
The Government Seems To Have Relaxed Its Grip On Crypto
Lately, the government has loosened its stand about allowing the crypto trading platform to operate in the country. Reports are saying the platform has helped the country regulate Crypto.
When a senate meeting took place recently, different institutions attended. These attendees included Binance, Bangko Sentral ng Pilipinas, FinTech Alliance Philippine, Cagayan Economic Zone Authority (CEZA), and the country’s SEC Senator Mark Villar, who is in charge of the banks, currencies, and financial institutions committee.
During the meeting, different issues were discussed, such as guidelines for regulating crypto and fintech and drafting policies. The government still prioritizes consumer protection and is keen on encouraging invention.
The APAC Binance Director Leon Foong and the general manager of Binance in the Philippines, Kenneth Stern, took part in the meeting on behalf of the company. Stern asserted the people of the Philippines would benefit from the crypto industry.
He added that Crypto would boost financial inclusion in the area because more than 70% of the residents don’t have bank accounts. Foong observed that Crypto could help reduce this percentage, and the crypto owners would eventually be more than credit card holders in the Asian country.
Binance Faced Difficulties And Opposition When Entering The Philippines
Binance had a rough time during its initial days while establishing itself in the country. For example, a think tank organization in the Philippines had expressed disapproval of the crypto exchange company. It requested the SEC of the country to scrutinize Binance’s operations in the country. After the request was made, SEC warned the citizens against using the crypto exchange platform.
The country’s regulator stated that Binance didn’t have the necessary permit or license to work as an investment company. The intense criticism it faced in the area did not deter Binance. Instead, it kept working with the country’s regulator and other government bodies.
Beijing’s Metaverse Adoption
Meanwhile, the Beijing government has been preparing for Metaverse adoption. The Beijing Municipal government has conveyed a message about its metaverse invention and development strategy, which will take two years between 2022 and 2024. Similarly, each district should execute the Web3 Innovation Plan the municipal government created.
The plan is meant to increase technology adoption, promoting Web3 Internet use. Thus, its main objective is to promote industrial metaverse creation and make Beijing a digital hub.