Philippine Digital Asset Exchange (PDAX) Gets Clearance for Crypto License
Philippines Welcomes PDAX Crypto Exchange
The Central Bank of the Philippines has recently cleared the Philippine Digital Asset Exchange (PDAX) to be licensed to exchange cryptos to Philippine pesos. The exchange will be the first one to target this specific national market and will have many tokens to trade, including Bitcoin (BTC), Ripple (XRP), Ethereum (ETH), Bitcoin Cash (BCH) and Litecoin (LTC).
According to official reports from the company, there is also the chance that some other altcoins will start to be traded in the coming weeks.
The CEO of PDAX, Nichel Gaba, has stated that this is an exciting time for traders in the country. He believes that the future of investments is digital and that the company will be able to make the financial markets be more accessible for everybody. PDAX will be the first exchange ever geared to Filipinos in and out of the country.
The Road For Compliance
PDAX had a long way to become a licensed exchange in the country. First, it had to be 100% compliant with all anti-money laundering, taxes and fees that the legislation requires. The company has also focused on local levels of risk management, security controls and transaction standards to be able to work on the country in a fully legal way.
According to the press release of the company, PDAX offers trading pairs from popular cryptos like Bitcoin to Philippine Pesos. The company will have partnerships with local banks and payment service providers to offer better services for its clients.
Also, it will offer convenient options for them to cash in and out of their accounts whenever they need to. Now, the company is only waiting for the SEC of the country to be finished with the paperwork to start working in the country as one of the major exchanges in the Philippines.