Changpeng Zhao talks about Binance's plans to obtain a license in the Philippines

Cryptocurrency exchange Binance plans to apply for virtual service provider licensesassets and electronic money issuer in the Philippines. This was announced at a press conference by the head of the company, Changpeng Zhao, according to ABS-CBN journalist Jackie Pascual.

According to the Manila Bulletin, Zhao noted the developmentthe payment infrastructure of the country and the awareness of its population about cryptocurrencies. In his opinion, the Philippines has created an environment in which "innovation works better."

The head of Binance said that he had already met withrepresentatives of the authorities to discuss this issue. He also announced that the company will expand its team in the country as the Philippines is one of the most important markets in Southeast Asia.

“We work closely with authorities - advising them or helping them shape regulations, sharing our best practices and providing feedback from an industry perspective,” he added.

Zhao did not give specific deadlines for registration onPhilippines. According to him, this process is influenced by too many external factors. The head of the company expects that the plans will be implemented within a few months.

Let us remind you that in May, Binance received a license as a service provider in the digital asset markets in Italy. 

Earlier, the French Financial Market Supervisory Commission issued a similar permit to the company.