Binance, BlockShoals Partner on Regulated Crypto Ecosystem in Philippines

Binance and its partner BlockShoals Technologies Inc. are working closely with regulators in the Philippines to establish a framework for crypto asset service providers.

The partnership aims to balance market development with investor protection, as the country develops rules governing crypto assets and related financial services.

BlockShoals operates under the Securities and Exchange Commission's (SEC) Strategic Sandbox, or StratBox, which allows regulators to assess emerging financial products and services within a controlled environment.

The SEC has developed a framework for Crypto Asset Service Providers, classifying crypto assets as investment products under the Financial Products and Services Consumer Protection Act.