Cryptocurrency exchange Binance plans to apply for licenses for a virtual asset service provider and an e-money issuer in the Philippines, the company CEO Changpeng Zhao has announced.
According to local publication Manila Bulletin, Zhao has noted the country’s developed payment infrastructure and the awareness of its population about cryptocurrencies. In his opinion, the Philippines has created an environment in which “innovation works better.”
The Binance CEO has said he had already met with representatives of the authorities to discuss this issue. He has also announced the company will expand its team in the country as the Philippines is one of the most important markets in Southeast Asia. He has added:
“We work closely with the authorities whether we advise them or help shape regulations by sharing our best practices and providing feedback from an industry perspective.”