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What would it mean for Filipinos who are using Binance? They will have to transition It might not be an easy experience But it’s a transition that ultimately helps crypto grow into a mature and institutional industry…As crypto becomes more popular,we can expect regulators to continue raising the standards,he added

Mr Reyes said he remains optimistic about the growth of crypto in the country

Given that the majority of Filipinos are turning to local or international alternatives this slump will be picked back up in the medium to long run We’re in a bull run and Filipinos simply won’and can’afford to miss this chance he said

The ban on Binance will have a positive impact on local exchanges such as PDAX and Coins.ph since these are registered as virtual asset service providers (VASPs)he noted

Why doesnt Binance just get a VASP?The quick answer is they can’They would have to buy an existing one if they wanted to get a hold of it he added

On Sept1,2022,the Bangko Sentral ng Pilipinas imposed a three-year moratorium on the issuance of new VASP licenses subject to reassessment based on market developments and the impact of existing VASPs on the financial system

For Mr.Abello,the ban will not have a significant effect,as traders will find other means to transfer their funds

I don’t think this(the ban)is going to dampen the appetite of traders,knowing I’ve seen many communities that willlook for other means or other wallets to transfer their assets rather. However,from a perspective of a trader they will be more a bit mindful of secondary exchanges,so they will transfer to those recognized in the Philippines such as Coins.phhe said

He also said that crypto stakeholders are considering using legal means in response to the ban on Binance

We’re expecting that some people who have legal knowledge can question this approach through the Court of Appeals in the form of a temporary restraining order

Moving forward Mr.Abello said there should be discussions between regulators and stakeholders instead of imposing bans

Aside from the SEC banning