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 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.
"... 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.
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.
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.
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.