Cryptocurrencies have become a new trend in the Philippines with many young adults and teenagers involved in the mining of crypto coins and other endeavors. There are also a growing number of people who invest in many different cryptocurrency platforms. Bitcoin was introduced to the country and now has become more accessible through mobile devices. By using the cryptocurrency applications, customers can engage in digital money transactions without handing cash over-the-counter.
Here are the lists of cryptocurrencies in the Philippines regulated and licensed by the central bank, Bangko Sentral ng Pilipinas (BSP):
Coins.ph is regulated by the Bangko Sentral ng Pilipinas (BSP) and is also one of the countries largest cash distribution networks. Coins is a Southeast Asian finetech company that offers financial services directly from mobile phones. It enables anyone, with or without a bank account, to purchase mobile loads, pay bills, buy game credits, shop online, have access to local and international remittances and even donate to charities! It can also provide other digital payment services that can make life easier.
Coins was first developed in the Philippines in 2014 and it became one of the first blockchain backed platforms to reach significant mainstream customer adoption. Coins.ph now serves more than 10 million customers, operating through 33,000 partner locations in the country, and over 500 locations in the world.
Another cryptocurrency trading platform regulated by the BSP is the PDAX Exchange which uses blockchain technology to help its clients invest securely in digital assets anytime, anywhere. PDAX enables its investors to directly trade digital assets with Philippine peso (PHP) at the most competitive prices through an open market.
Since 2017, PDAX has had a license to operate, meaning the company is compliant to the laws of the country.
PDAX partners with other digital banking and trading companies such as BitMex, Consensys, Ripple, Union Bank and CMT Digital.
Bexpress is a cryptocurrency platform developed in 2016. It first launched its online Philippine Cryptocurrency Exchange Service (Bexpro) in 2019 and was able to acquire a BSP license in 2020. Bexpress aims to provide global access to digital asset transactions, payments, and remittances.
What makes Bexpress exceptional are its combination of front and back end services. It has different encryption processes to secure every transaction, various market support with blockchain-based multiple currency markets and provides easy to use operating systems for its customers.
Its Bexpress Pro Configuration provides additional access to API-based wallet service, optimized mobile web support for android and iOS, asynchronous server push method deliveries, and many more. It also has blockchain payment (bPay) system that settles rapidly with lower fees compared to other payment services
4. Coinvil (Coinville Phils Inc.)
Coinvil, also known as Coinville Phils Inc. was one of the first cryptocurrency platforms authorized by the central bank BSP which took place in 2019. It has fast processing speeds that allows the customers to transact digital assets more conveniently through their services. The number of transactions per second has improved by more than 30% compared to existing services. It also has the industries first Tick Trading; Coinvil`s Tick Trading System is a system that allows you to create trading orders faster and keeps you on track of your transactions.
Coinvil have secured asset management which protects customer assets through their management and security system. Lastly, Coinvil has multi platform support from various devices and provides the best trading environment for their clients.
5. COEXSTAR PH
ABA Global Philippines Incorporated under the trade name COEXSTAR is a registered virtual currency company approved by the Securities and Exchange Commission (SEC) and Bangko Sentral ng Pilipinas (BSP). It enables users to purchase and sell different cryptocurrencies accredited by ABA Global Phils Inc. under COEXSTAR.
COEXSTAR PH has established the best solutions and secure systems to detect and defend against external hacking attacks and further safeguard its client’s assets. It also has reliable technical skills with programmers of more than 20 years of experience in program development and operation to provide the best security system with the best ability and experience. It also manages its clients’ assets safely by separating cold wallets and hot wallets in preparation for emergencies. More than 90% of the clients’ assets are stored separately in cold wallets to keep them as secure as possible.
If you are interested in getting involved with cryptocurrencies in the Philippines, examine the list above and decide which is the best platform for you.
Remember to only ever invest money you can afford to lose as all investing carries risk.