In the Philippines, the fintech sector is developing at a rapid pace, fueled by booming digitalisation of the country’s payments, but also by the progressive stance towards cryptocurrency exchanges.
As the global cryptocurrency markets have endured waves of positive and negative effects, from prominent exchange collapses to the launch of Bitcoin ETFs backed by institutional FIs, the Philippines has spent the intervening years since the pandemic planning how to better regulate cryptocurrency exchanges operating here, as well as emerging blockchain-based business models.
This is amid rising crypto transactions in the Philippines, along with increased adoption of digital currencies for use in payments and remittances. In 2023, central bank Bangko Sentral ng Pilipinas (BSP) reported around half of all payments nationally are now made digitally, while also reporting record numbers of foreign remittances taking place the same year.
But the drive to better regulate the local crypto space actually started even before the COVID-19 pandemic caused transactions to move online in a meaningful way.
Between 2019 and 2020, when this transformation in the Philippines governing cryptocurrency exchanges operating locally began to take shape, the value of cryptocurrency transactions jumped 410% to reach PHP 76 billion (US$1.5 billion), while volume rose 36% to 7.2 million.
Out of the 300 million cryptocurrencies users worldwide in 2021, 6.9 million users were from the Philippines according to the National Tax Research Center, marking the country as one of the fastest to adopt virtual currencies.
There are several licensing regimes across the archipelago. The BSP regulates cryptocurrency exchanges nationally as Virtual Asset Service Providers (VASPs), while the Philippines Securities and Exchange Commission (SEC) laid down guidelines to oversee digital asset offerings (DAO) and digital asset exchanges (DAX) in 2022 but halted this process with the collapse of the influential FTX platform.
In addition, there is also the Digital Asset Token Offering (DATO) regulations and the Financial Technology Solutions and Offshore Virtual Currency (FTSOVC) License issued by Cagayan Economic Zone Authority (CEZA), introduced in 2019 as part of a government-backed initiative to turn the special economic zone into a regional blockchain hub.
List of Virtual Asset Service Providers (VASP)
The central bank defines a VASP is defined as “any entity that offers services or engages in activities that provide facility for the transfer or exchange of virtual assets,” such as bitcoin, in accordance with BSP Circular No. 1108. As of 10 January 2024, there are 17 licensed VASPs, primarily consisting of non-bank entitites as well as one bank VASP, Union Bank of the Philippines.
NON-BANK VASPs
ABA Global Philippines Inc.
ABA Global Philippines, Inc. is a company that operates under the trade name of Coexstar, a crypto exchange platform that allows users to trade various cryptocurrencies, such as Bitcoin, Ethereum, and XRP. The company was established in April 2019 and is duly registered with both the SEC and the BSP. The company also claims to offer competitive fees, high liquidity, and an user-friendly interface.
Betur Inc.
Betur Inc. is a company that operates Coins.ph, a mobile wallet and one of the main cryptocurrency exchanges in the Philippines. Coins.ph allows users to access financial services such as remittances, bill payments, mobile airtime, and online shopping using fiat and crypto currencies. Betur Inc. obtained its VASP license in September 2017, and Coins.ph recently marked its tenth anniversary with stablecoins rewards for its users and record trading volumes registered for its TradeDesk service that started in 2022.
Bloomsolutions, Inc.
Bloomsolutions, Inc., a fintech startup that provides blockchain solutions to money transfer and remittance businesses, operates BloomX, a platform that allows users to trade over 250 cryptocurrencies for Philippine peso. BloomX also offers BloomRemit, a service that reduces the overseas settlement costs for money transfer operators by leveraging smart trading across multiple markets.
Direct Agent 5
Direct Agent 5, Inc. (DA5) operates SurgePay, a hybrid digital wallet that allows users to trade over cryptocurrencies for Philippine peso, as well as access other financial services such as remittances, bill payments, and merchant acquiring. In addition to the VASP license, DA5 also holds other licenses from the BSP, such as Electronic Money Issuer (EMI) and Remittance and Transfer Company (RTC), making it one of, if not the most licensed money service provider in the country.
Moneybees Forex Corp.
Moneybees Forex Corp. is a company that operates Moneybees, a platform that allows users to buy and sell cryptocurrencies over-the-counter through its partner outlets or online trading desk. Moneybees supports access to multiple cryptocurrencies via physical kiosks as well as offers competitive rates and convenient daily limits.
Maya Philippines, Inc.
Maya Philippines, Inc. is a fintech company that operates Maya, an e-wallet and digital banking platform. Maya allows users to access financial services such as remittances, bill payments, online shopping, and cryptocurrency exchange.
Philippine Digital Asset Exchange (PDAX)
Philippine Digital Asset Exchange, or PDAX, is a cryptocurrency trading platform that was founded in 2018 in the Philippines. It allows users to buy and sell digital assets such as Bitcoin, Ethereum, and XRP using Philippine pesos. PDAX is supervised by the BSP and has obtained a VASP license, which enables it to legally facilitate the exchange between virtual assets and fiat currency, virtual asset to virtual asset, and custody or transfer of virtual assets.
TopJuan Technologies Corporation
TopJuan Technologies Corporation (TTC) is a fintech company that provides B2B and B2C financial services and solutions. The company’s suite of financial solutions includes TopWallet, a hybrid digital wallet that allows users to trade an assortment of cryptocurrencies for Philippine peso, as well as access other financial services.
XenRemit, Inc.
XenRemit, Inc. is part of Xendit Group, a Southeast Asia-based group of fintech firms that provides payment infrastructure across Indonesia and the Philippines. XenRemit offers a platform that allows users to trade a variety of cryptocurrencies for Philippine peso, as well as access other financial services such as remittances, bill payments, and merchant acquiring.
Zybi Tech, Inc.
Zybi Tech, Inc. is a fintech company that provides financial services to the unbanked and underbanked. The company operates JuanExchange, a platform that allows users to trade various cryptocurrencies for Philippine peso, as well as access other financial services such as remittances and bill payments.
INACTIVE/NOT YET OPERATIONAL – BANK VASP
Union Bank of the Philippines, Inc.
Union Bank of the Philippines, Inc. (UnionBank) is one of the largest and most reputable universal banks in the country. It offers a wide range of financial products and services, including being a pioneering local bank with interests in the Philippine crypto space.
INACTIVE/NOT OPERATIONAL – NON BANK VASPs
Appsolutely, Inc.
Appsolutely, Inc. is a fintech company that provides a digital loyalty platform and customer analytics solutions.
Atomtrans Tech Corp.
Atomtrans Tech Corp. is a financial service provider licensed and regulated by the BSP. The company offers various digital, blockchain-based payment solutions to multinationals in the Philippines, such as remittances, digital currency exchange, and a payments ecosystem.
Etranss Remittance International Corp
Etranss Remittance International Corp (Etranss) is a fintech company that provides blockchain-based solutions to money transfer and remittance businesses. The company operates GOW Exchange.
i-Remit, Inc.
i-Remit, Inc. is a company that provides fund transfer and remittance services for overseas Filipino workers and other migrant workers. The company operates iRemitX, a platform that allows users to trade cryptocurrencies for Philippine peso.
Philbit Money Changer and Remittance Services, Inc.
Philbit Money Changer and Remittance Services, Inc. (PHILBIT) is a company that aims to use e-money for its users to be able to pay bills and government transactions using their platform online. PHILBIT is also a cryptocurrency exchange that supports a variety of cryptocurrencies, including BTC, ETH, LTC, DASH, EOS, BCH, BTG, RVN, CXAT, STRAT, STEEM, XLM, XRP, QTUM, and TRX.
WIBS PHP, Inc.
WIBS PHP, Inc. is a fintech company that provides financial services for non-institutional traders in the Philippines. The company operates DO PAY, a cryptocurrency platform.
