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The cryptocurrency market in the Philippines is dynamic, fast-paced, and empowered by several key players. These companies help pioneer and popularize the development and implementation of blockchain technologies within jurisdictions, mainly digital payment services and DeFi solutions, among many others. This article comprehensively enlists prominent organizations shaping the future of the cryptocurrency landscape in the Philippines:
In March 2024, the Philippines' National Telecommunications Commission gave limited access to cryptocurrency firms' websites that were running without requisite licenses for offering investment products, thereby ensuring the protection of the market of cryptocurrency under the laid-down provisions. This move by the NTC exemplifies the commitment on the part of the government to enforcing compliance with licensing requirements and ensuring a safe atmosphere for cryptocurrency investment ventures in the Philippines.
In November 2023, the Philippines administration announced plans to raise 10 billion pesos—approximately $180 million—with the issuance of a tokenized treasury bond. This was for modernization and digitalization related to the country's domestic debt market and was looked upon as a way to tap blockchain technology for efficiency, transparency, and ease of issuing and trading government securities. This step exemplified the Philippines' propensity to embrace innovation and bridge the gap in financial inclusion as it simultaneously generated funds for local government projects.
Bangko Sentral ng Pilipinas issued Circular No. 944, which guided the VC exchanges. The circular doesn't recognize any form of cryptocurrency as legal tender but institutes a framework to mitigate the associated risks that could result in laundering and terrorist financing. It shall require compulsory registration with the BSP of business entities and individuals establishing VC exchanges, including compliance with the operational standards on risk management protocols and customer identification procedures to protect the public and the financial system from its potential misuse.
While still not considered legal tender in the Philippines, their use may give rise to tax implications. Gains derived from cryptocurrency trading are subject to income tax, and the transactions may also be burdened with VAT or other indirect taxes.
• Bangko Sentral ng Pilipinas (BSP)
• Securities and Exchange Commission
• Cagayan Economic Zone Authority (CEZA)
• Digital Asset Token Offerings (DATOs)
Associations
• Philippine Blockchain Association
• Asia Blockchain and Crypto Association (ABACA)
• Blockchain Council of the Philippines
• Blockchain Practitioners Association of the Philippines
• Blockchain Arbitration & Commerce Society (BACS)
Major investments in the cryptocurrency market of the Philippines involve mergers and acquisitions, partnerships, funding rounds, product launches, and service launches.
In September 2022, two of the largest and most powerful groups in the Philippines, Ayala and Gokongwei, announced a plan for the merger of their banking units. This strategic consolidation is part of a trend in the country's banking sector in building scale and adapting to digitalization. The deal will bind these two groups even more tightly in competitive stakes for the Philippine banking industry.
In February 2022, the Philippine Digital Asset Exchange raised more than $50 million in an investment round led by one of the biggest U.S. investment firms, Tiger Global Management. With this, PDAX is further sealing its commitment to democratizing access to virtual assets across Southeast Asia but more particularly in the Philippines. A long-term plan for increasing accessibility to cryptocurrency investments piques the interest of key players in the young but growing market for cryptocurrency investors.
The key players operating in the Philippine cryptocurrency market include:
• Coins PH
• XLD Finance
• Squads App
• Pearl Pay (PRLPAY)
• Rice Protocol
• Effort Economy
• Yield Guild Games
• Reelr Baller
• Vasu International Payment Solutions Inc.
• Anito Legends
• Futurbnk Ltd.
• Unlockd
• Rebirth Meta Guild
