The Bangko Sentral ng Pilipinas (BSP), the central bank of the Philippines, has expanded its list of regulated cryptocurrency exchanges to 16, according to a recent update published on July 23, 2020. The latest roster includes four newly approved entities alongside 12 previously authorized operators, reflecting the country's steady embrace of digital asset services under a formal regulatory framework.
Full List of 16 Registered Crypto Exchanges
The BSP's official register of “Remittance and transfer companies (RTC) with virtual currency (VC) exchange services” now includes: Finchain Technology Inc., Iremit Inc., Moneybees Forex Corp., and Wibs PHP Inc. as the latest additions. They join the existing 12 exchanges: Aba Global Philippines (Coexstar), Atomtrans Tech, Betur (operating as Coins.ph), Bexpress, Bloomsolutions (Bloomx), Coinville Phils, Etranss Remittance International, Fyntegrate (doing business as Philippine Digital Asset Exchange or PDAX), Rebittance (Rebit, Buybitcoin.ph), Telcoin, VHCEX, and Zybi Tech (Juancash). Notably, previously approved exchange Bitan Moneytech was delisted as of June 30, 2020.
The BSP established a formal regulatory framework for cryptocurrency exchanges through Circular No. 944 on February 6, 2017. All crypto exchanges are required to register as remittance and transfer companies with the central bank to ensure compliance with anti-money laundering and consumer protection standards.
Groundbreaking Bond App: Bonds.ph
In a separate development highlighting the Philippines' innovative use of blockchain technology, the country's Bureau of the Treasury, Union Bank of the Philippines (Unionbank), and crypto exchange PDAX jointly launched Bonds.ph — a mobile application built on blockchain for distributing government securities. National Treasurer Rosalia V. De Leon stated that the app aims to enable Filipinos, particularly the unbanked population, to invest in new retail treasury bonds, thereby raising funds for economic recovery and COVID-19 response efforts.
Unionbank, one of the largest banks in the Philippines, already installed a Bitcoin ATM in early 2020 and its subsidiary UBX holds an investment in PDAX. Unionbank President and CEO Edwin R. Bautista remarked: “This is the first retail treasury bond issuance to leverage blockchain technology in Asia, and likely the world. The Philippines is ready to lead the way into the future and tech up the nation with innovative, inclusive opportunities, powered by emerging technologies, for the benefit of all Filipinos.”
The simultaneous growth in regulated crypto exchanges and the launch of a blockchain-based government bond app underscore the Philippines' dual strategy of fostering innovation while maintaining robust oversight. As the BSP continues to approve new service providers, the country positions itself as a regional hub for digital assets and fintech.