The Philippines’ Department of Trade and Industry (DTI) said it cannot ban Binance for cryptocurrency-related sales and promotion as there are no clear regulations issued by the Banko Sentral ng Pilipinas (BSP), the nation’s central bank.
See related article: Crypto is based on the greater fool theory: Philippines’ incoming central bank chief
Fast facts
- “Cryptocurrency and other forms of virtual assets are not consumer products,” the DTI said in a written response to Infrawatch PH that was shared to Forkast. “The [DTI] 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.”
- Infrawatch PH, a public policy think tank, requested a ban on Binance for allegedly promoting cryptocurrencies without proper licensing.
- “[Entities] conducting sales and promotion activities related to financial products must comply with pertinent regulations issued by the [BSP],” the DTI added. “To our knowledge, there are currently no specific regulations yet issued by the BSP with regard to sales and promotion activities related to cryptocurrency trading in the Philippines.”
- Infrawatch PH, in June, had sent a letter to the BSP to urge the central bank to suspend and ban Binance for operating illegally and reject all its applications for licensing.
- In June, new central bank governor Felipe M. Medalla said the BSP is not interested in regulating crypto.
See related article: Philippines central bank to trial wholesale CBDC