CZ talks about banks and expansion to the Philippines
The head of Binance, Changpeng Zhao, praised the decision of the Basel Committee (BCBS), which requested advice on banks and their exposure to risk when dealing with digital assets.
This committee standardizes the regulation of banks around the world. The result of the consultations, according to CZ, will be the permission for banks to own crypto assets.
And although the list of assets will initially be small, this will be a significant event for the cryptocurrency industry. After all, banks, according to Zhao, play an important role in the development of the crypto industry and maintaining its stability.
In his recent speech, Changpeng Zhao also noted that the exchange is striving to develop its representative offices in different countries. After obtaining a license in Spain, which CoinShark wrote about earlier, Binance plans to obtain a VASP license in the Philippines.
The exchange is also interested in a license as an issuer of electronic money. It must be issued by the central bank Bangko Sentral ng Pilipinas (BSP). With both licenses, the company will be able to issue digital money and provide cryptocurrency trading services.
Interest in the Philippines at the exchange arose for a reason. This country is in 36th place in terms of GDP and 3rd in Asia. It has one of the fastest growing economies in the world, as well as a special attitude towards cryptocurrencies.
More than 11.6 million people in the country own cryptocurrencies. This country ranks 10th in the adoption of digital assets. Most of the players in the most popular crypto game Axie Infinity (40%) live in the Philippines.
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