The Philippines, recognized as the third-largest recipient of global remittances, has rapidly become a significant market for cryptocurrency adoption. With a tech-savvy population, increasing digital transactions, and a robust financial technology (fintech) ecosystem, the country is fostering an environment where regulated crypto exchanges thrive.
To ensure a secure and well-regulated cryptocurrency industry, the Bangko Sentral ng Pilipinas (BSP) oversees Virtual Asset Service Providers (VASPs), granting licenses to platforms that comply with stringent security and financial regulations. These BSP-licensed crypto exchanges in the Philippines enable seamless crypto-to-fiat and fiat-to-crypto transactions, offering millions of Filipinos innovative financial solutions.
Current State of Crypto Regulations in the Philippines
Despite the growing adoption of digital assets, regulatory challenges persist. In August 2022, the BSP imposed a three-year moratorium on new VASP applications, allowing regulators to reassess the rapidly expanding market and implement stronger safeguards. This move has made the existing list of licensed cryptocurrency exchanges in the Philippines even more crucial, as they represent the key players shaping the country’s crypto landscape.
As of January 10, 2025, below is the updated list of BSP-registered VASPs, categorized into active non-bank VASPs, bank-backed VASPs, and inactive or non-operational VASPs.
8 Active Non-Bank VASPs in the Philippines
1. Coins.ph (Betur Inc.)
As one of the most trusted and widely used crypto exchanges in the Philippines, Coins.ph has played a pivotal role in the country’s digital asset ecosystem since obtaining its VASP license in September 2017.
- Offers trading for Bitcoin (BTC), Ethereum (ETH), XRP, Bitcoin Cash (BCH), and other major cryptocurrencies.
- Features a user-friendly mobile app that supports remittances, bill payments, and mobile loading.
- Operates TradeDesk, a high-volume trading platform catering to professional traders.
- Marked its 10th anniversary in 2024 with record-breaking trading volumes.
2. Bloomsolutions, Inc. (BloomX)
Bloomsolutions, or BloomX, focuses on blockchain-powered remittance services, helping Filipinos transfer money globally at lower costs.
- Licensed by the BSP in May 2018.
- Supports over 250 cryptocurrencies, including Bitcoin, Ethereum, and Litecoin.
- Has positioned itself as a leading remittance-focused crypto trading platform in the Philippines.
3. Direct Agent 5 (DA5) – SurgePay
DA5 operates SurgePay, a digital wallet that integrates cryptocurrency trading with traditional financial services.
- VASP license granted on January 31, 2023.
- Allows trading of major cryptocurrencies like BTC and ETH.
- Also supports remittances and bill payments, making it an all-in-one financial platform.
4. Maya Philippines, Inc. (formerly PayMaya)
Maya has evolved into a full-fledged digital banking and financial services provider, combining traditional banking with crypto trading.
- Received its VASP license in December 2021.
- Offers crypto trading, micro-investments, and seamless integration with everyday banking services.
- One of the most widely adopted fintech platforms in the Philippines.
5. Moneybees Forex Corp.
Moneybees specializes in over-the-counter (OTC) cryptocurrency transactions, enabling users to buy and sell crypto via partner outlets.
- Licensed in Q1 2020.
- Supports popular cryptocurrencies like BTC, ETH, and USDT.
- Bridges the gap between traditional finance and digital asset adoption.
6. Philippine Digital Asset Exchange (PDAX)
PDAX is a homegrown cryptocurrency exchange that caters to retail and institutional traders.
- Licensed in September 2018.
- Supports over 70 cryptocurrencies and powers GCrypto, GCash’s integrated crypto platform.
- Launched PDAX Prime in 2022, offering exclusive crypto assets to high-net-worth investors.
7. TopJuan Technologies Corporation – TopWallet
TopWallet offers B2B and B2C financial solutions, enabling users to trade cryptocurrencies and access other digital financial services.
8. XenRemit, Inc.
Part of the Xendit Group, XenRemit offers crypto trading services alongside remittances and bill payments.
- Licensed in January 2023.
- Strong integration with Xendit’s payment infrastructure, positioning it as a key player in digital finance.
Active Bank-Backed VASPs in the Philippines
1. GoTyme Bank Corporation
GoTyme, backed by the Gokongwei Group and Singapore’s Tyme Group, offers crypto services integrated into digital banking.
- Licensed in October 2024.
- Provides innovative financial products, including high-interest deposits and USD trading options.
2. Union Bank of the Philippines (UnionBank)
UnionBank was the first Philippine bank to obtain a VASP license, reinforcing its position as a leader in crypto integration within traditional banking.
- Facilitates secure cryptocurrency transactions.
- Pioneers blockchain adoption in the banking sector.
Inactive or Non-Operational VASPs
Not all crypto platforms have sustained operations due to regulatory challenges and market competition. The following VASPs have ceased operations as of January 2025:
- COEX Star (ABA Global Philippines, Inc.) – Initially relaunched in August 2022, but failed to maintain its market position.
- WIBS PHP, Inc. – Struggled with sustaining its blockchain-based financial services.
- Juan Cash (Zybi Tech, Inc.) – Despite a strong initial launch in 2019, it was unable to compete with larger players.
These closures highlight the challenges of regulatory compliance, competition, and sustaining innovation in the Philippine crypto market.
Future Outlook: The Philippines as a Crypto Hub
With 50% of all transactions in the country now digital, the Philippines is poised to become a regional leader in cryptocurrency adoption. However, regulatory clarity and enhanced security measures remain crucial.
- The BSP’s ongoing moratorium on new VASP licenses ensures a measured approach to crypto regulation.
- The SEC is developing additional guidelines to enhance oversight of digital asset platforms.
- Consumer protection, financial education, and anti-money laundering measures remain top priorities.
As the market matures, the Philippines has the potential to lead blockchain and fintech innovation in Southeast Asia.
FAQs: Everything You Need to Know About Crypto Exchanges in the Philippines
Are cryptocurrency exchanges legal in the Philippines?
Yes, cryptocurrency trading is legal under BSP Circular No. 1108, which regulates VASPs.
How do I verify if a crypto exchange is licensed?
Check the BSP website, look for SEC registry updates, or review the exchange’s compliance statements.
What are the benefits of using licensed crypto exchanges?
- Enhanced security and fraud protection.
- Regulatory compliance ensures legitimacy.
- Transparency in transactions.
