…FinTech Alliance PH among the early backers


Coins.ph Marks 10th Anniversary with 10% Rewards on USDC

To celebrate Coins.ph’s 10th year as the Philippines' leading crypto platform, the exchange is giving users 10% rewards on USDC this February under its...

No NFT, No Entry – How Stanible got into...

Editor's Note: This is an op-ed from Stanible founder Harry Santos on the trials and tribulations of onboarding the general public and making them...

Empowering the Future: Web3PH Hosts Gathering for Tech Leaders

 In a groundbreaking initiative to propel the nation into the digital forefront, Web3PH, in collaboration with the Department of Information and Communications Technology (DICT)...

Superteam Philippines Accelerates Web3 Journey with Grand Launch Event

Superteam, the distributed talent layer of the Solana Ecosystem, officially launches its operations in the Philippines with a dynamic event at the Marquis Events...

Filipino gamers can win exciting rewards from Aura and...

Filipino gamers are offered fun and unique opportunities as Singapore-based Web3 gaming platform Aura has partnered with Web3 game The Red Village. Aura, the exclusive...

Web3 focused Metasports.GG holds industry screening for ‘GG The...

GG The Movie revolves around Seth, an aspiring professional esports player, who navigates the Philippine stigma and challenges in trying to achieve that goal.

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.


Subscribe to our newsletter

Its easy to be smart about crypto, allow us to send you weekly updates on digital assets, crypto, NFTs and fintech.