Cryptocurrency exchange Binance plans to apply for a license for a virtual asset service provider and an e-money issuer in the Philippines. This was announced at a press conference by the company’s president, Changpeng Zhao, according to ABS-CBN journalist Jackie Pascual.

According to the Manila Bulletin, Zhao drew attention to the country’s advanced payment infrastructure and the awareness of its population towards cryptocurrencies. According to him, the Philippines has created an environment where “innovation works better”.

The Binance head said he has already met with government officials to discuss this issue. The Philippines also announced that the company will expand its team in the country, as it is one of Southeast Asia’s most important markets.

“We work closely with authorities, whether we advise them or help shape regulations by sharing our best practices and providing feedback from an industry perspective,” he added.

Zhao did not provide a specific date for registration in the Philippines. According to him, this process is influenced by too many external factors. The head of the company expects the plans to be implemented in a few months.

Recall that in May Binance acquired a license for a service provider in the digital asset markets in Italy.

Previously, the French Financial Market Supervisory Commission had given the company a similar permit.