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ANC Reporter Hints Binance is Looking to Get a VASP License in the Philippines

Journalist Michelle Ong mentioned in passing that Binance is trying to acquire a VASP license in the Philippines.

Photo for the Article - ANC Reporter Hints Binance is Looking to Get a VASP License in the Philippines
  • International exchange Binance is looking to acquire a local virtual asset service provider (VASP) license in the Philippines
  • This was mentioned in passing by ANC journalist Michelle Ong in her live TV interview
  • A Binance representative declined to comment. BitPinas has also reached out to pr@binance for more information

In the course of the interview of ANC journalist Michelle Ong with Miguel Cuneta, co-founder of Rebittance, Ong mentioned in passing that Binance is trying to acquire a virtual currency exchange license in the country.

“Binance is also now looking to get a local VASP or virtual asset service provider license…“ Ong said (29:57 in the video below):

Market Edge | ANC (31 May 2022)

BitPinas reached out to a Binance representative who mentioned they are not allowed to comment. BitPinas has also reached to pr@binance.com for comment and will update this story accordingly.

What is a VASP?

The Bangko Sentral ng Pilipinas (BSP) defined Virtual Asset Service Providers as entities that facilitate exchange between virtual assets and fiat currencies, exchange between virtual assets, transfer of virtual assets, and custody of these assets.

BSP requires the VASP to secure a Certificate of Authority (COA) and must comply with pertinent BSP rules and regulations. They are also considered Money Service Businesses (MSBs).

The minimum paid-up capital is Php 50 million (roughly $1 million) for those VASPs that will have a custody business while those without is required a paid-up capital of Php 10 million (roughly $200,000). There will also be annual fees.

The BSP also requires the VASPs to protect the customer’s wallets and adopt a risk management system to mitigate risks that may arise from outsourcing.

Binance is looking for a Country Director in the Philippines

Last March 15, 2022, BitPinas reported that the international crypto exchange is looking for a country director in the Philippines.

According to the job announcement, Binance requires “a well-rounded leader, someone who can create and drive strategy but also roll up their sleeves and get their hands dirty.”

The responsibilities of the position include ensuring the coordination of the firm with government regulators, managing the local marketing and tech teams, and developing new strategies to “relentlessly push operational standards to the next level.” The Director will also be responsible for shaping the organization and defining hiring needs in the local market as well as leading local key marketing activities, such as developing new partnerships and organizing key events. The Director will also represent Binance in the local events, media, and in communication with external stakeholders.

As of May 31, 2022, the job posting can no longer be found on Linkedin.

Binance is one of the international crypto companies actively hiring in the Philippines.

This is a developing story.

This article is published on BitPinas: ANC Reporter Says Binance is Looking to Get a VASP License in the Philippines

Disclaimer: BitPinas articles and its external content are not financial advice. The team serves to deliver independent, unbiased news to provide information for Philippine-crypto and beyond.

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