The Central Bank of the Philippines (BSP) has granted operational approval to two new cryptocurrency exchanges, significantly expanding the country's digital asset infrastructure.
Newly Licensed Crypto Exchanges
- Virtual Currency Philippines, Inc.
- ETranss
Both platforms are now certified to facilitate Philippine Peso (PHP) to cryptocurrency conversions, partnering with established financial service providers including:
- Rebitda, Inc.
- Betur, Inc.
- BloomSolutions
Regulatory Landscape for Cryptocurrencies in the Philippines
BSP's Stance on Digital Assets
While recognizing cryptocurrencies' potential for faster, lower-cost transactions, the BSP maintains caution regarding:
- High volatility risks
- Potential criminal misuse
- Cybersecurity vulnerabilities
Wallet Services Regulation
The BSP deliberated whether exchanges offering wallet services should register as Electronic Money Issuers. VP Chuchi G. Fonacier clarified:
"We've opted for streamlined registration to encourage market participation. Wallet-enabled businesses face additional requirements but won't automatically need full licensing."
Anti-Money Laundering Measures
The Philippines Anti-Money Laundering Council now intensifies monitoring of digital currency transactions to combat illicit financial flows. Licensed exchanges must:
- Report covered transactions
- Flag suspicious activities
Market Growth Indicators
- Q1 2024 Trading Volume: ~$36M/month across registered exchanges
- Peso-to-Crypto Conversions: Significant YOY growth
Blockchain Industry Developments
The Philippine government recently authorized 10 blockchain firms to operate in the Cagayan Economic Zone, requiring:
- Minimum $1M investment within 2 years
- Up to $100,000 licensing fees
- Local job creation for tax incentives
👉 See how cryptocurrency regulations are evolving worldwide
Legal Framework Evolution
- November 2023: SEC considered classifying cryptocurrencies as securities
- Early 2023: BSP recognized Bitcoin as legal tender for payments
FAQ Section
What services do the new exchanges provide?
They enable PHP-to-crypto conversions and partner with established financial service providers.
How does the BSP regulate crypto wallets?
Wallet services face additional requirements but don't automatically require full electronic money licenses.
What are the investment requirements for blockchain businesses in Cagayan Economic Zone?
Minimum $1M within 2 years plus licensing fees up to $100,000.
Are cryptocurrency transactions monitored for illegal activities?
Yes, exchanges must report suspicious transactions to the Anti-Money Laundering Council.
When did Bitcoin gain legal recognition in the Philippines?
The BSP formally recognized it as legal tender in early 2023.