– Binance, the cryptocurrency exchange, has recently acquired a virtual asset service provider (VASP) license from the Bank of Spain in order to operate in the country.
– In its ambitious expansion plans that the cryptocurrency exchange is persisting despite the global jump and market slump in the cryptoverse, there is another country that Binance is looking toward the Philippines.
– In June, the CEO of Binance, Changpeng Zhao, stated in a press briefing in Manila that the exchange is looking to obtain a VASP license in the Philippines.
– The Philippines is the worlds 36th largest economy in the world by nominal GDP and the third-largest in Asia, according to data from the World Bank.
– Cryptocurrencies are extremely popular in the Philippines due to the economic shift that the country went through when digital assets began to gain popularity.
– A recent survey has revealed that the Philippines ranks 10th in cryptocurrency adoption, with over 11.6 million Filipinos owning digital assets.
– The regulatory landscape of the Philippines is still in a fairly nascent stage as there is no strict restrictive regulation for both businesses and individuals at the moment.
– In fact, the government of the country, in tandem with its central bank, seems keen to adopt blockchain technology and implement its use cases in various sectors of the economy.
– Earlier this year, in May, the Philippines governments Department of Science and Technology started a blockchain training program for researchers in the department.
– The Philippines-based UnionBank has also launched a payments-focused stablecoin pegged to the Philippine peso that aims to drive financial inclusion in the country.
– Since a majority of the citizens in the Philippines are unbanked and thus operate in a fairly unregulated manner in matters like taxation, the introduction of a central bank digital currency (CBDC) into the economy could be a major step in the digital transformation that the country is currently undergoing.