The FinTech Alliance PH is one of the early supporters of a pending bill in the Senate that seeks to recognize and standard rules on digital assets to promote financial inclusion in the country.
During the recent hearing of the Senate committee on banks, financial institutions, and currencies chaired by Sen. Mark Villar, FinTech Alliance founder Lito Villanueva said the group is supporting Senate Bill 184 authored by Sen. Imee Marcos.
Villanueva said the Philippines’ leading and largest digital trade organization comprised of startups and unicorns that collectively generating over 90 percent of digital-initiated transactions volume in the country considers itself as a “strategic partner” of the BSP and the SEC.
“The FinTech Alliance continuously engages them (BSP and SEC) in constructive dialogue to further promote enabling regulations to further support innovations for financial inclusion,” Villanueva told senators.
“The Alliance supports risk based regulatory regime within consumer protection at the core, one of which is providing for mechanisms aimed at registration and regulation of emerging technologies such as digital assets,” he said.
He noted that in the Southeast Asian region, Thailand has been aggressive in boosting decentralized virtual currencies and recently approved new digital asset companies.
“We are seeing other markets or jurisdictions embracing digital assets, even though most of their citizens are already transacting through various digital assets platforms worldwide,” he said.
“For us here in the Philippines. We look forward to having risk based regulations without stifling innovations. There must be more clarity on the rules of engagement or emerging technologies such as perishable assets NFTs and the like,” he said.
Villanueva said the SEC may implement stricter qualifications for the management and licensing of digital assets exchanges, with a goal of better protecting retail investors and promoting massive consumer education.