Changpeng Zhao, the CEO of Binance, is in the Philippines to talk about the company’s plans to grow in the country.
The CEO said that the company wants to invest in banks and other traditional financial institutions in the Philippines. “We want to help those businesses join the world of blockchain.”
“Regulation makes adoption easier, not the other way around,” Zhao said when he said he had met with a few Philippine officials to try to get Binance licenced. The Virtual Asset Service Providers (VASP) and Electronic Money Issuer are two examples of these kinds of permits.
In a live TV interview more than two months ago, Filipino journalist Michelle Ong made a remark that Binance might want to get VASP. According to the central bank of the Philippines, Binance has not yet had one.
Zhao then said that Binance wants to expand its operations in the Philippines, especially once regulatory and banking support is in place.
Philippines is a very important country. In fact, it’s very important to us.
More information about Zhao’s tour of South East Asian governments hasn’t come out yet, but it’s clear that the CEO is set on putting Binance in this part of the world.
This week, Binance Malaysia made a deal with Malaysian exchanges to speed up the adoption of cryptocurrencies in the country. At the moment, the country is putting its attention on its local digital asset sector.
Taking a look at how blockchain and cryptocurrencies are treated in the Philippines, it seems like Binance would not have much trouble getting these licences because the country seems to like the technology.
CQ said earlier that the Philippines will start its CBDC pilot programme. The central bank of the country said that it wants to see more research and development in the CBDC space.
Notably, the Philippines is 15th on a list of countries that use cryptocurrencies that Business World put out at the end of last year. And in March of this year, the country’s Science and Technology department said that the government will try to get people to use blockchain, starting with encouraging universities to offer courses on it.