Coins.ph, the leading cryptocurrency exchange in the Philippines, has established the Digital Asset Exchange Alliance (DAEA) together with other prominent licensed exchanges in the region, namely Coinhako (Singapore), Indodax (Indonesia) and Bitkub (Thailand).
“Coins.ph is excited to work with our regional counterparts in advancing the responsible and secure use of cryptocurrencies, and promoting the development of user-friendly and compliant products for users” said Wei Zhou, CEO of Coins.ph. “We believe that the combined efforts of this Alliance will contribute to building a stronger, more resilient cryptocurrency ecosystem in Southeast Asia,” he added.
In a separate exclusive interview with PhilSTAR Tech editor Jayvee Fernandez, Zhou said that the future of crypto is regulation. “When you send your assets of value to a third party and that third party holds it in custody on your behalf, that should come under regulation. As a depositor, you should have rights.” He says that there are two points of view in holding cryptocurrencies. The first is self-custody, which is the best example of decentralization, while the other is third party custody in centralized exchanges (CEX). “I want to draw the line between self custody and third party remote custody — and that is where rug pulls happen.”
The Alliance stands as a strategic partnership, signifying a notable advancement in unifying licensed exchanges across the region. It aims to enhance regulatory advocacy by harnessing the collective expertise and experience of the four founding exchanges. Additionally, it seeks to foster collaboration by sharing protocols and best practices, thereby elevating service quality and bolstering security measures.
Furthermore, the Alliance is committed to educating users about the benefits of trading on licensed exchanges and the importance of following regulatory guidelines. This extends to promoting financial literacy, consumer protection and responsible trading practices in the crypto space.
“This Alliance is a significant milestone for Coinhako and the entire cryptocurrency industry. We believe that licensed exchanges have a vital role to play in fostering trust and growth in the crypto space. By collaborating with Coins.ph, Indodax, and Bitkub, we are taking a monumental step towards building a safer and more transparent ecosystem for users in the region,” stated Coinhako CEO Yusho Liu.
The blockchain space continues to evolve, with a growing emphasis on regulatory compliance and a commitment to providing secure and trustworthy platforms. Coins.ph along with Coinhako, Indodax, and Bitkub have distinguished themselves by placing great emphasis on security and trust through obtaining licenses from their respective regulatory bodies.
“Bitkub is committed to providing a secure and compliant trading platform for our users. This Alliance is a significant step toward ensuring that the cryptocurrency industry in our region continues to evolve responsibly,” said Bitkub CEO Atthakit Chimphalapibul. “By working closely, we can create a significant impact on shaping the regulatory framework and fostering trust,” he added.
Bringing together these leading exchanges, the Alliance will embark on a collective mission to promote and advance digital asset adoption while adhering to the highest industry standards.
“We are thrilled to be a part of this initiative and we look forward to sharing our experiences in navigating the regulatory landscape in Indonesia. Together with Coins.ph, Coinhako and Bitkub, we aim to create a collaborative network of licensed exchanges that sets the industry standard for compliance and user safety,” shared Willam Susanto, CTO of Indodax.
The partnership between Coins.ph, Coinhako, Indodax, and Bitkub highlights the pivotal role of licensed exchanges in the cryptocurrency landscape. By combining strengths, expertise, and commitment to regulatory compliance, these exchanges are well-positioned to take the lead in shaping the future of cryptocurrency adoption in Southeast Asia.
