Philippines’ digital transformation could make it a new crypto hub
— Transformation, Central, Assets, License, Philippines, Crypto, Country, Financial, Digital, Bank — 1 min read
Binance has acquired a virtual asset service provider (VASP) license from the Bank of Spain. The Philippines is the world’s 36th largest economy in the world by nominal GDP and the third-largest in Asia. A recent survey has revealed that the Philippines ranks 10th in cryptocurrency adoption, with over 11.6 million Filipinos owning digital assets. 40% of all the players of popular play-to-earn (P2E) game Axie Infinity were from the Philippines. The country's central bank is keen to adopt the technology and implement its use in various sectors of the economy, especially the Central Bank, especially in the country's Central Bank of the Philippines, with its central bank keen to regulate the technology. Source