Binance: “We are on the end of acquiring a VASP license and EMI license in the Philippines.”
BINANCE — The global cryptocurrency exchange announced its plan to acquire a local company as a way to secure a VASP license in the Philippines.
Binance general manager for the Philippines Kenneth Stern said that they’re at the “late stage talks” to acquire a local company that has a VASP (virtual asset services provider) and EMIs (electronic money issuer).
“We are on the end of acquiring a VASP license and EMI license in the Philippines. That is still on track,” Stern said without disclosing the specific date.
Acquiring a local company is seen as the way to go for the global crypto exchange given that the Bangko Sentral ng Pilipinas (BSP) will not be accepting new VASP applications for 3 years starting September this year.
Based on a report, Stern is upbeat about the prospects of crypto adoption in the country given its young demographics, who were the usual target market for the alternative form of investment.
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Citing the rise of the play-to-earn cryptocurrency-based games, Stern explained that the demographic is prime for cryptocurrency usage.
Meanwhile, the global cryptocurrency exchange has teamed up with the Cybercrime Investigation and Coordination Center under the Department of Information and Communications Technology (DICT) in holding a seminar to discuss common cybercrime activities involved in the cryptocurrency space, including fake crypto investments that promise high returns.
According to Stern, Binance has been actively working with the Philippine government in order to ensure that Filipinos are ready for crypto adoption through the mitigation of risks in the sector.
“While we ensure that our platform has robust security and Know Your Customer (KYC) measures in place, we also want to aid the government in creating a fertile ground for fintech players to drive financial inclusion,” Stern said.
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