CRYPTOCURRENCY EXCHANGE platform Coinbase Global, Inc. is interested in entering the Philippine market, according to the Department of Finance (DoF).
Finance Secretary Ralph G. Recto met with Coinbase Co-Founder and Chief Executive Officer Brian Armstrong on the sidelines of the ongoing World Economic Forum (WEF) in Davos-Klosters, Switzerland “to explore the company’s potential entry into the Philippines,” the DoF said in social media post on Wednesday.
Mr. Recto was named as Special Envoy of President Ferdinand R. Marcos, Jr. and head of the Philippine delegation to WEF.
“Coinbase, one of the leading cryptocurrency companies in the United States, initiated the meeting to convey its strong interest in expanding its footprint to the Philippines. It recognized the country’s growing digital economy and the increasing adoption of blockchain technology,” the Finance department said.
“Secretary Recto welcomed Coinbase’s interest, emphasizing the Philippine government’s commitment to fostering innovation in the financial sector. He expressed the government’s willingness to provide a robust regulatory framework that supports cryptocurrency adoption while safeguarding consumer protection and financial stability,” he added. — Aubrey Rose A. Inosante