The Philippine Digital Asset Exchange, or PDAX, has received approval from the Bangko Sentral ng Pilipinas (BSP) to offer trading between cryptocurrencies and the Philippine peso. The exchange is being positioned as one of the first platforms built specifically for Filipino users, with a focus on making digital asset access easier for the local market.
Major cryptocurrencies listed at launch
According to the company’s release, PDAX initially supports Bitcoin (BTC), Ethereum (ETH), Ripple (XRP), Bitcoin Cash (BCH), and Litecoin (LTC). The platform also said more coins and tokens that reflect local demand are expected to be added in the coming weeks, expanding the range of products available to Philippine traders.
PDAX CEO Nichel Gaba said the approval is significant not only for experienced cryptocurrency traders but also for people who see investing becoming increasingly digital. With the BSP’s clearance, the company said it aims to make financial markets more accessible to a broader group of users.
Approval follows compliance with BSP standards
The report noted that the BSP had already issued guidance in 2017 requiring exchanges of this kind to comply with regulatory standards before operating. PDAX’s approval indicates that it met core requirements, including registrations and fees, anti-money laundering controls, local risk management measures, security safeguards, and transaction compliance obligations.
PDAX says its platform allows users to trade Bitcoin and other digital assets directly against the Philippine peso, reducing some of the costs and friction that local crypto traders have previously faced. Through partnerships with major domestic banks and payment service providers, the exchange also says clients can more easily fund and withdraw from their accounts.
Local market watches next regulatory steps
For the Philippine crypto sector, PDAX’s approval signals further development of local digital asset infrastructure. The broader market is expected to watch the platform’s rollout closely, while also awaiting final rulemaking from the country’s securities regulator on the wider crypto industry. Overall, the development highlights the Philippines’ ongoing move toward regulated and localized crypto services.