ON Aug. 23, 2022, the Senate Committee on Banks, Financial Institutions and Currencies, chaired by Sen. Mark Villar, held its hybrid organizational meeting to which representatives from the Securities and Exchange Commission (SEC) were invited. Chairman Emilio Aquino and I attended virtually while representatives from the commission's PhiliFintech Innovation Office, Office of the General Counsel, and Markets and Securities Regulation Department physically attended.

The committee discussed, among others, Senate Bill 184, or 'An Act Recognizing Digital Assets, Requiring the Registration of Digital Asset Enterprises, Their Operators and for Other Purposes,' proposed by Sen. Imee Marcos, which aims for the recognition and standardization of rules regarding the operation of digital assets. It will allow the country to enjoy advantages such as the ease in which transactions can be done, and as a possible alternative in addressing the lack of financial inclusion.