The digital asset space in the Philippines is a hive of activity and opportunity, notes the lawyer who led a K&L Gates team advising Hong Kong-listed listed digital asset and fintech company BC Technology Group on its investment in the Philippine Digital Asset Exchange (PDAX), a digital currency exchange platform.
“The Philippines has a very vibrant digital assets market with a large user base of digital asset holders,” William Ho, who is based in Hong Kong, told Asia Business Law Journal.
“We understand that the Philippines has one of the highest cryptocurrency ownership and usage rates in the world, and we expect there will be growing market opportunities in crypto-friendly jurisdictions across Asia, particularly in markets with a large youth demographic,” he said.
The K&L team was supported by associates Joey Liu and Dorothy Hung in Hong Kong, and also comprised a team from the firm’s Singapore office, K&L Gates Straits Law, consisting of partner Christopher Tan, counsel Lucas Nicolet-Serra and senior associate Nicholas Wee.
BC Technology Group, through its subsidiary OSL digital asset platform, launched the first licensed cryptocurrency exchange in Hong Kong early this year, breaking new ground for financial services in Asia.