The cryptocurrency market in the Philippines is expected to see a significant increase in interest and activity in 2024. In the Philippines, revenue from cryptocurrencies is projected to reach approximately $658.1 million. The cryptocurrency sector is estimated to gain 10.55 million users by 2025. This estimation indicates a user penetration rate of approximately 8.81%. The Philippines government also plans to introduce a regulatory framework for cryptocurrencies in the latter half of 2024.
More local businesses are starting to accept digital currencies as payment, while centralized exchanges remain the most common platform for trading cryptocurrencies. Currently, there are 17 licensed virtual asset service providers (VASPs) in the country. The popularity of crypto-earning games like Axie Infinity has highlighted the potential of digital currencies, although the collapse of some cryptocurrencies has led to significant losses for some users.
Despite the legal status of cryptocurrency transactions in the Philippines, these coins are not recognized as legal tender by the Bangko Sentral ng Pilipinas (BSP). The BSP has established guidelines for VASPs and the fintech sector is growing rapidly, driven by the increasing digitization of payments and a welcoming attitude towards cryptocurrency exchanges.
Overall, the Philippines have been working on better regulation for the crypto space even before the COVID-19 pandemic, during which the value of cryptocurrency transactions increased dramatically. As a result, the country has emerged as one of the fastest adopters of virtual currencies in the world.
List Of Legal Cryptocurrency In the Philippines
Here is the list of cryptocurrency exchange services of the Philippines.
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Betur Inc. dba Coins.ph
Betur, Inc. is doing business under the name Coins.ph in the Philippines. It is a virtual asset service provider (VASP) that operates in the Philippines. It offers a mobile app and various services for buying, selling, and storing cryptocurrency.
Coins.ph provides several features, which include cash in and cash-out options, mobile airtime top-ups, remittance services, bill payments and virtual currency exchange. The platform includes a mobile app, Coins Academy, and Coins Pro.
Coins.ph is registered with the Bangko Sentral ng Pilipinas (BSP) as a Remittance & Transfer Company (RTC). It is notable for being the first crypto-based company in Asia to hold both Virtual Currency and Electronic Money Issuer licenses from a central bank.
Rebittance Inc.
Rebittance Inc. is a cryptocurrency exchange based in the Philippines. It is a subsidiary of SCI Ventures. It is part of several Bitcoin technologies offered by SCI that enable users to send money to the Philippines using Bitcoin. In addition to cryptocurrency services, Rebittance provides international money transfers and bill payment options.
The BSP established a regulatory framework for cryptocurrency exchanges in 2017. It allows the market to grow while also implementing regulations to protect consumers and maintain financial stability.
Bloom solutions Inc.
Bloom Solutions is a financial technology (fintech) startup. It utilizes blockchain technology to provide financial access to underbanked populations in the Philippines and other countries. The company offers a variety of services, which includes BLOOMREMIT. BLOOMREMIT helps money transfer operators reduce settlement costs by enabling trades across multiple markets. They also provide BLOOMX, which is an app that allows individuals to trade cryptocurrencies directly for Philippine pesos, and BLOOMX TELLER, which is a service for foreign exchange companies and money changers to retail cryptocurrencies over the counter.
Additionally, Bloom Solutions has a remittance aggregator platform that assists businesses in money services, as well as a foreign exchange broker service for similar enterprises. The company also offers consulting, technical, and advisory services to support businesses in this sector. Bloom Solutions was incorporated in Singapore. It has operational entities in the Philippines and Australia.
Fyntegrate Inc. Zybi Tech Inc.
Fyntegrate Inc. and Zybi Tech Inc. are both companies in the Philippines that focus on virtual currency (VC) and financial technology. Fyntegrate Inc. operates under the name Philippine Digital Asset. Zybi Tech Inc. operates under the name JuanCash. It is licensed by the Bangko Sentral ng Pilipinas (BSP) as an E-Money Issuer.
Zybi Tech Inc. aims to provide financial services to all Filipinos. The services provided by Zybi Tech Inc. include those who are unbanked or underbanked. The company offers a range of services and tools, which includes Enterprise Resource Planning (ERP), electronic money services for the public, blockchain technology to facilitate virtual currency exchanges, and automation platforms that streamline common business tasks for small and medium enterprises (SMEs).
Aba Global Philippines Inc. Coexstar
ABA Global Philippines, Inc. is operating under the trade name Coexstar. It is a cryptocurrency exchange platform that enables users to trade various cryptocurrencies like Bitcoin, Ethereum, and XRP. The company is officially registered with the Securities and Exchange Commission (SEC) and the Bangko Sentral ng Pilipinas (BSP). Coexstar promotes its services by offering competitive fees, high liquidity, and a user-friendly interface.
Direct Agent 5
Direct Agent 5, Inc. (DA5) operates SurgePay. It is a hybrid digital wallet that enables users to trade various cryptocurrencies for Philippine pesos. The platform also offers additional financial services, which include remittances, bill payments, and merchant acquiring. DA5 holds a Virtual Asset Service Provider (VASP) license along with other licenses from the Bangko Sentral ng Pilipinas (BSP), such as Electronic Money Issuer (EMI) and Remittance and Transfer Company (RTC). This makes DA5 one of the most licensed money service providers in the Philippines.
Moneybees Forex Corp.
Moneybees Forex Corp. operates Moneybees, a platform that enables users to buy and sell cryptocurrencies over the counter through partner outlets or an online trading desk. Moneybees provides access to various cryptocurrencies through physical kiosks and offers competitive rates along with convenient daily limits for transactions.
Philippine Digital Asset Exchange (PDAX)
The Philippine Digital Asset Exchange (PDAX) is a cryptocurrency trading platform. It allows users to buy and sell digital assets like Bitcoin, Ethereum, and XRP using Philippine pesos. PDAX is regulated by the Bangko Sentral ng Pilipinas (BSP). It also has a Virtual Asset Service Provider (VASP) license. This license allows it to legally facilitate exchanges between virtual assets and fiat currency, as well as transfers and custody of virtual assets.
Conclusion
Vietnam is a developing country. It is growing rapidly, even after the global pandemic Vietnam has shown positive growth. The country is seeing major foreign investment in the tourism industry. Vietnam is currently working on creating a regulatory framework for cryptocurrency, as it is an emerging industry and will play a key role in the future.
The sector has faced several ups and downs yet associations that handle the regulations for cryptocurrency are thoroughly working to make it better for blockchain-based business models of the country.
