Binance Eyes Crypto License In The Philippines

Summary:

  • Reports say CZ met with authorities to discuss securing approval to operate in the country.
  • Two business licenses were mentioned for Virtual Asset Service Provider and Electronic Money Issuer services.
  • It’s unclear how much progress has been made so far in securing approval.
  • The move is supposedly an attempt to push into the Southeast Asian market.
  • Zhao’s exchange recently gained approval from major European jurisdictions.
  • The company also has a growing presence in the Middle East.

The world’s largest exchange is reportedly looking to widen its operations with a push into the Southeast Asian market amid global expansion efforts.

According to ABS-CBN reporter Jekki Pascual, Binance is in talks with market supervisors in the Philippines regarding regulatory approval. Pascual noted that CEO Changpeng Zhao disclosed the news while speaking with local media outlets on Wednesday.

From the comments shared, the giant crypto exchange is after two licenses – an Electronic Money Issuer (EMI) license and a Virtual Asset Service Provider (VASP) license. Both approvals could allow the firm to offer a wide range of cryptocurrency and digital asset products to the booming Southeast Asia economy.

Binance also hopes to expand its team in the Philippines especially if there is regulatory and banking support.
“Philippines is very important. It’s actually super important for us.”

CZ also told local reporters that Binance is interested in supporting payment service providers and investing in banks. The company chief opined that bolstering such institutions with blockchain technology is beneficial for broader crypto adoption and securing the financial system.

Binance Strengthens Compliance And Intensifies Global Push

The Philippines is the latest jurisdiction where the leading exchange plans to set up shop. Binance also bagged regulatory approval across European markets after receiving crypto licenses in France and Italy. EWN also reported that a license in Germany could be next on the European roadmap.

Earlier in 2022, the company established a presence in the Middle East. Emirati authorities announced a crypto licensing policy to incentive innovation and position itself as a crypto powerhouse.

So far, Binance has the approval to operate in Abu Dhabi, Bahrain, and Dubai. 

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