Rumours Brewing: OKCoin Receives Permit to Enter Philippines

While the markets are still slumbering, real crypto businesses continue to grow and expand. Same is the case with Asia’s leading crypto exchange OKCoin, which after entering Argentina last week, seems to now have received a license for setting up crypto business in the Philippines

Weibo user mysteriously procures the certificate copy

There is still no official announcement for OKEx or OKCoin but a user named “Big Brother Global Support Group” leaked the copy of the certificate that OKCoin received from the Philippines authorities on Weibo (China’s equivalent to Twitter).

According to the details mentioned on the certificate, Cagayan Economic Zone Authority has issued a “Financial Technology Solutions and Virtual Currency Exchange Provisional Principle License” to OKCoin’s Philippines entity called OKCOIN Philippines Technology Company Limited. This certificate authorizes OKCoin to start an Offshore Virtual Currency Exchange. The date of issuance of a license is November 20, 2018 and will have to be renewed annually.

This license will now allow OKCoin to conduct various types of digital asset finance business in the Philippines and provide services to more investors. Entering the Philippine market is one of the important components of OKCoin’s global development plan. The post also speaks about OKcoin’s advantage of entering the Philippines market. It says (loosely translated from Mandarin)
“As the Philippine online shopping and mobile payment market share continues to expand. It is foreseeable that the inertia generated by this emerging market will strongly support the liquidity and popularity of cryptocurrencies. Of course, this also means that the cryptocurrency trading around the Philippine market will become more competitive. OKCoin intervened in the Philippine market at this time window and became the first cryptocurrency trading platform to respond to local legal policies and conduct business under the government regulatory framework. In the future, OKCoin will continue to expand its business in compliance with the global market for more. Users provide safe, reliable and quality services”

Last week, OkCoin, made an official announcement of expanding its operations to Argentina and is about to do the same in other Latin America countries. With this announcement, OKCoin also said that it would be offering both spot and margin trading between the Argentine peso and several major cryptocurrencies. These include Bitcoin, Ethereum, Litecoin, Ripple, and Zcash, while complying to the local regulatory framework.

OKCoin, being one of the world’s leading digital asset service platform, has received the cooperation of top technical teams and financial product experts on back of which OKCoin continues to consolidate its platform advantages and expand into the global market. At present, OKCoin has already served more than 200 countries and regions around the world, including South Korea, the United States, and other countries. At the same time, OKCoin is still in contact with a number of countries and continues to expand its business on a global scale.

OKCoin expansion does make things clear that despite the falling prices of crypto assets, on ground business for exchanges is still going well and there is still a lot of crypto appetite left in the market.

What is your view on the on-ground development in crypto businesses? Do let us know your views on the same

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