Philippine Senator Grace Poe said that local lawmakers should not be in a hurry to pass financial technology (fintech) regulation.
Local news outlet Rappler reported on Sept. 23 that Poe made her remarks after a hearing by the Senate Committee on Banks, Financial Institutions and Currencies. She said:
A field that needs studying
Senator Francis Tolentino said during the same hearing that regulators should take their time to study the new technology. Poe admitted that lawmakers are not experts in the field of modern financial technology:
Fintech task force suggested
Per the report, senators recommended the creation of a task force dedicated to studying fintech composed of the country’s central bank, securities regulator, deposit insurance corporation, department of finance and the Cagayan Economic Zone Authority — the body that oversees a special economic jurisdiction.
Tolentino also noted that the Department of Labor and Employment should also be included in the task force since “there are concerns that involve overseas Filipino workers.”
Commissioner of the Philipino Securities and Exchanges Commission Luis Amatong said that the regulator will issue new regulations to “require firms with digital offerings to be registered and be under regulatory scrutiny.”
Meanwhile cryptocurrency is becoming ever more accessible to Filipinos with Bitcoin (BTC) now being sold in over 6,000 local 7-Eleven outlets.