Interesting that Philippines considers crypto to be a security. The SEC of the US has lost the case against XRP being a security which has been extrapolated to all crypto. Not a security. Most countries don't classify crypto as a security but DO require a money services business license to exchange back and forth for fiat.

The only security that Binance offers is the exchange in and out for central bank pesos. And yes, they need a license for that.

I hope it gets sorted before the deadline.

Expand full comment

I don't trade in Binance or Gcash. Binance platform is complicated while Gcash platform sucks. I trade in Coins PH platform since 2016. Many don't trade in Coins PH because of high trading fees.

Expand full comment
Dec 20, 2023·edited Dec 20, 2023

Going by Question #5.

"... However, the license issuance has been paused until December 2025, so the only way for anyone to obtain a license is to buy one of the companies that already have it. ...

the majority of the original 19 license-holders are no longer operational ..."

The germane question in my mind is, what is responsible for the majority of the original 19 license-holders not to be operational any longer?!

And the government and or SEC find it convenient to pause the license issuance until December 2025?!

What is more stumbling-block to an average Filipino's financial freedom than that; which suffice to say that thousands of businesses and Filipinos has been rendered redundant; even when the SEC pretends/claim to be safeguarding the Philippines customer safety and local laws?

I want to believe that the writer of this article should deem it fit to shed more light on this.

Expand full comment

All of the 19 license holders are privately owned businesses so they are not obligated to explain their business circumstances. We can only speculate why the majority are now dormant or inactive, although if I were to guess, it's simply because they couldn't meet their revenue targets during the bear market.

We also don't have any insight into the true reason for the BSP pausing license issuance, but given that about a dozen of those licenses have now gone to waste, it also seems reasonable that they are now hesitant to issue more.

Expand full comment

Perhaps the BSP or whatever they're called, should go back to the drawing board with a view to fashion out the best way to come with a healthier playing field; if about a dozen out of those 19 licenses and millions of money spent by those privately owned business outfits have now gone to waste (except anyone would want to tell me that those 12 moribund Privately Owned Business outfits are being run one single umbrella), it suffice to say a lot about unfriendliness environment for business survival in Philippines.

However, for instance if Binance has happened to be part of those 19 licensees, would it have been one of those 12 failed outfits?!

Expand full comment