Encouraged by the recent approval by the Bangko Sentral ng Pilipinas (BSP) of a cryptocurrency exchange license for Philippine Digital Asset Exchange (PDAX), another digital exchange platform is seeking to enter the growing domestic virtual currency market.
In an interview with Cryptovest, Butch Tabligan, the local partner of UDAX United Digital Asset Exchange cryptocurrency exchange platform, said that the company is now preparing all the necessary documents to file for a license to open a shop in the Philippines and serve the local market.
“UDAX is like Binance,” Tabligan said. “Our operation is global with local base presence. Our aim is to get regulated and compliant with each and every crypto-friendly country worldwide. At present we have UDAX Korea, Hong Kong, Malaysia, Singapore, Switzerland and other countries.”
He explained the decision to enter the Philippine market is because the company is confident that the growing market that is now “ripe for the taking.” This was proven by the reliable method of testing the markets by buying the product, “and if there are takers, you sell.”
Indeed, there are takers of cryptocurrencies in the Philippines with the number of blockchain and digital currency projects emanating from the country.
Data from the BSP showed the volume of cryptocurrency trading jumped to an average of $40 million in the first half of this year from between $8M - $...
This article appeared first on Cryptovest
