The cryptocurrency industry in the Philippines is entering a new era of stringent regulation, as leading global exchanges such as Coinbase and Gemini have recently become inaccessible within the country. This move follows government crackdowns aimed at ensuring compliance with local licensing requirements.
Why the Crackdown?
The Philippine National Telecommunications Commission (NTC) has ordered internet service providers (ISPs) to block access to unlicensed Virtual Asset Service Providers (VASPs). This directive is in response to the Bangko Sentral ng Pilipinas (BSP), the country’s central bank, which flagged over 50 online trading platforms operating without authorization. Regulators emphasize user protection and financial stability through stricter enforcement measures, highlighting compliance with Section 902-N of the Manual of Regulations for Non-bank Financial Institutions under BSP Circular No. 1206.
Global Giants Under Scrutiny
This is not the first time major crypto exchanges have faced hurdles in the Philippines. Even Binance, one of the world’s largest platforms, was given a 90-day compliance window in December 2023. When that deadline passed, access to Binance was blocked, and its app was subsequently removed from both Apple and Google stores at the request of the Philippine Securities and Exchange Commission (SEC). Recent actions also targeted other unlicensed platforms, such as OKX, Bybit, and KuCoin.
Regulated Platforms on the Rise
As unregulated platforms face restrictions, regulated players are quickly filling the void. For example, the local exchange PDAX has partnered with payroll firm Toku to enable remote workers to receive salaries in stablecoins and convert them to pesos with zero wire fees. Similarly, digital bank GoTyme, in collaboration with U.S.-based fintech Alpaca, offers in-app crypto services covering 11 digital assets—a seamless solution for crypto enthusiasts looking for regulated alternatives.
How This Impacts Users
For Filipino crypto users, the tightened regulations mean fewer options for accessing global crypto markets. However, it also presents an opportunity to engage with compliant platforms designed to protect users and align with local laws. As the government continues to balance financial innovation with security, staying informed about licensed platforms is crucial for crypto traders and investors.
Recommended Crypto Wallet
If you’re exploring regulated crypto platforms, consider securing your cryptocurrencies with trusted hardware wallets like the Ledger Nano X. Known for its high-security features and user-friendly interface, the Ledger Nano X empowers you to manage multiple crypto assets while prioritizing safety. Invest wisely, and always prioritize your digital asset security.
