The cryptocurrency market in the Philippines is expected to grow in 2024. Revenue is projected to reach around $658.1 million. By 2025, about 10.55 million people are expected to use cryptocurrencies, with a user penetration rate of around 8.81%. The Philippine government also plans to introduce a regulatory framework for cryptocurrencies in the latter half of 2025.
More local businesses are starting to accept digital currencies as payment, while centralized exchanges remain the most common platform for trading cryptocurrencies. The country has 17 licensed virtual asset service providers (VASPs). 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 set rules for Virtual Asset Service Providers (VASPs), and the fintech sector is growing fast due to more digital payments and support for crypto exchanges. Even before the COVID-19 pandemic, the Philippines had started improving crypto regulations. During the pandemic, crypto transactions grew sharply. As a result, the country has emerged as one of the world’s fastest adopters of virtual currencies.
List Of Legal Cryptocurrencies 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., or Coins.ph, is a virtual asset service provider (VASP) in the Philippines. It offers a mobile app that lets users buy, sell, and store 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.
In 2017, the BSP created rules for cryptocurrency exchanges. This helps the market grow while protecting users and stabilizing the financial system.
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 include 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.
Bloom Solutions also has a remittance aggregator platform that assists businesses in money services and 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 Philippine companies focusing 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 for those who are unbanked or underbanked. The company offers various services and tools, including 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) runs SurgePay, a digital wallet that lets users trade cryptocurrencies for Philippine pesos. It also offers other services like sending money, paying bills, and accepting customer payments.DA5 holds a Virtual Asset Service Provider (VASP) license along with other permits 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 Philippines’ most licensed money service providers.
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 crypto trading platform where users can buy and sell digital assets like Bitcoin, Ethereum and XRP using Philippine pesos. It is regulated by the Bangko Sentral ng Pilipinas (BSP) and has a VASP license. This license allows it to legally facilitate exchanges between virtual assets and fiat currency and transfers and custody of virtual assets.
Conclusion
Vietnam is a developing country. It is growing rapidly, and even after the global pandemic, Vietnam has shown positive growth. The government is seeing significant foreign investment in the tourism industry. Vietnam is currently working on creating a regulatory framework for cryptocurrency, an emerging industry that 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 in the country.
FAQs
What is the best crypto in the Philippines?
The top trending cryptocurrencies in the Philippines include Coin, Bitcoin (BTC), XRP, Solana (SOL), and Sui (SUI).
Is the Philippines crypto tax free?
Filipinos who own or trade cryptocurrencies must report any capital gains on their annual tax returns, as these profits are considered part of their gross income under the Tax Code.
Which cryptocurrencies are legally recognized in the Philippines?
The Bangko Sentral ng Pilipinas (BSP) recognizes popular cryptocurrencies like Bitcoin and Ethereum when used through licensed virtual asset service providers (VASPs).
How can I legally buy and trade cryptocurrency in the Philippines?
You can legally buy and trade crypto through BSP-registered platforms such as Coins.ph, PDAX, and Binance (if compliant), ensuring safety and regulatory compliance.
