The cryptocurrency exchange Binance plans to apply for licenses as a Virtual Asset Service Provider and Electronic Money Issuer in the Philippines. The announcement was made at a press conference by the company’s chief executive Changpeng Zhao, reported ABS-CBN journalist Jekki Pascual.
Zhao says he has met with some Philippine officials, hopes to get licenses for Binance such as the Virtual Asset Service Providers (VASP) & Electronic Money Issuer (EMI). He supports a regulated industry.
«Regulation helps adoption, not the other way around.»— Jekki Pascual (@jekkipascual) June 8, 2022
According to Manila Bulletin, Zhao noted the country’s advanced payment infrastructure and the population’s awareness of cryptocurrencies. In his view, the Philippines has created conditions in which “innovation works better.”
The head of Binance said that he has already met with government officials to discuss this matter. He also announced that the company will expand its local team, as the Philippines is one of the most important markets in Southeast Asia.
“We are working closely with the authorities — advising them or helping to shape regulations, sharing our best practices and providing feedback from the industry’s perspective,” he added.
Zhao did not name specific timelines for registration in the Philippines. He said the process is affected by too many external factors. He expects the plans to be realised within a few months.
In May Binance received a provider-of-services license for digital asset markets in Italy.
Earlier, the French Financial Markets Authority granted the company a similar license.