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June 02, 2023

Binance unveils plan to acquire firm to secure license in PH

The cryptocurrency exchange platform announced its plan to secure regulatory licenses to fully operate in the country.

Binance announced that the firm is on the late stage of its plan to purchase a local company to acquire regulatory licenses in the country.

Bankero Kenneth Stern of Binance general manager for the Philippines, said they were at the late stage talks to buy a local company operating as a virtual asset services provider (VASP) and electronic money issuers.

The move is in lie with the regulatory requirement of the Bangko Sentral to secure a VASP license, imposed on all institutions involved on digital asset related operations in the country.

It may be recalled that BSP said it will not be accepting new VASP applications for a period of three years starting September.



Visa expects confidence in online payments to grow in the Philippines

Visa predicts that confidence in digital payments will continue to rise in the Philippines, citing convenience and benefits as key drivers, with 62% of respondents carrying less cash due to the availability of digital options and 30% believing the country will become cashless by 2025, according to the Visa Consumer Payments Attitude Study 2023.

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