PDAX, a homegrown cryptocurrency exchange, expressed optimism about its outlook next year given the government’s support to financial technology innovations.
“The Bangko Sentral ng Pilipinas or BSP has remained very supportive of all kinds of financial innovation and this year, they improved their supervisory capabilities,” said Nichel Gaba, PDAX chief executive and founder.
“They are watching the players more and they are taking their jobs seriously. The requirements are much more complex than they were,” he said.
Gaba also said that the Securities and Exchange Commission’s move to ban Binance in the Philippines would further boost its operations.
“Now that Binance is being banned, there are a lot of users wondering where they can go and the best option for them is to go to a licensed exchange like PDAX. Our strategy as a company is to focus on being the best alternative,” Gaba said.
“I think next year it is likely gonna double and that figure does not even include activities in unregulated exchanges,” he said.
The Securities and Exchange Commission in November ordered the blocking of Binance, an online cryptocurrency exchange, for operating without license and authority to sell securities to the public in the Philippines, under Republic Act No. 8799, or The Securities Regulation Code or SRC.
The SEC also asked the National Telecommunication Commission and the Department of Information and Communications Technology to block access to Binance in the Philippines.