South Korea’s cryptocurrency exchange Coinvil has received approval from the Philippine government to establish a bitcoin exchange in the Philippines.

Coinvil will set up and run a local company in the Philippines. Glosfer, a South Korea blockchain technology and service provider, will establish the backend cryptocurrency exchange platform, according to an agreement. Glosfer will provide all solutions for the trouble-free operation of the exchange.

Coinvil CEO Park Rae-hyun said he hopes that the Philippine would become the largest cryptocurrency trading market which connects Europe and Asia.

Unlike South Korea, the Philippines has legalized cryptocurrency business. For the first time in the world, the Manila government recognized digital asset as currency.  The Philippine central bank is in charge of regulating cryptocurrency.

Many Filipinos and Filipinas working abroad are using blockchain to remit funds home because remittance fee is cheap. Only 30 percent of the Filipinos hold bank accounts The Philippine is received the world’s third largest amount of remittance from workers worldwide.

Thus Coinvil will also work as money exchangers in the Philippines. It will help the Filipinos, and Filipinas withdraw and deposit money not only at banks but also at convenient stores, automatic