CEO of major crypto exchange Binance, Changpeng Zhao, has shared plans of the company to secure two licenses in the Philippines. He mentioned the company’s plans during a press briefing in Manila.
The company is seeking to obtain the virtual assets service provider (VASP) license and the e-money issuer (EMI) license from the Bangko Sentral ng Pilipinas (BSP).
The VASP license will allow Binance to legally facilitate cryptocurrency trading the Philippines and allow the conversion of cryptocurrencies to the Philippine peso, the country’s official currency.
Additionally, the EMI license will allow Binance to operate and distribute electronic money in the country.