The Philippines, a global leader in remittance inflows, has become a pivotal hub for licensed cryptocurrency exchanges, driving fintech innovation. Under the oversight of the Bangko Sentral ng Pilipinas (BSP), these regulated crypto exchanges facilitate seamless fiat-to-crypto transactions, empowering millions with modern financial tools.
Despite its growth, the market faces challenges. In 2022, the BSP enacted a three-year moratorium on new Virtual Asset Service Provider (VASP) applications to refine regulations. This makes the current list of licensed VASPs crucial for understanding the Philippines' crypto ecosystem.
Below, we explore active non-bank and bank VASPs, inactive platforms, and their roles in shaping the nation’s cryptocurrency landscape as of 2025.
Active Non-Bank VASPs
Coins.ph (Betur Inc.)
A pioneer since 2017, Coins.ph offers crypto trading, remittances, and bill payments. Key features:
- Supports Bitcoin, Ethereum, XRP, Bitcoin Cash.
- Achieved record 2024 trading volumes via TradeDesk.
Bloomsolutions, Inc.
Specializes in blockchain-enhanced remittances via BloomX:
- Trades 250+ cryptocurrencies, including Litecoin.
- Licensed since 2018.
Direct Agent 5 (DA5)
Operates SurgePay, a hybrid wallet with:
- Crypto trading (BTC, ETH).
- Remittances and bill payments.
- VASP license obtained in 2023.
Maya Philippines, Inc.
Formerly PayMaya, now a digital bank with:
- Crypto trading and micro-investments.
- Licensed since 2021.
Moneybees Forex Corp.
Provides over-the-counter crypto transactions:
- Buy/sell BTC, ETH, USDT at physical outlets.
- Licensed since 2020.
Philippine Digital Asset Exchange (PDAX)
A top exchange featuring:
- 70+ cryptocurrencies (e.g., XRP).
- Powers GCrypto via GCash.
- Launched PDAX Prime for exclusive tokens.
TopJuan Technologies Corporation
Offers TopWallet, a hybrid platform for:
- Crypto trading and financial services.
XenRemit, Inc.
Part of Xendit Group, integrates:
- Crypto trading with payment infrastructure.
- Licensed in 2023.
Active Bank VASPs
GoTyme Bank Corporation
A digital bank with:
- High-interest deposits and USD trading.
- Licensed in 2024.
Union Bank of the Philippines
First local bank to secure a VASP license:
- Bridges traditional finance and crypto.
Inactive or Non-Operational VASPs
COEX Star (ABA Global Philippines, Inc.)
- Ceased operations by 2025.
WIBS PHP, Inc.
- Removed from BSP’s active list.
Juan Cash (Zybi Tech, Inc.)
- Discontinued services in 2025.
FAQs
1. How do I verify a crypto exchange’s license in the Philippines?
Check the BSP’s official VASP list or contact their office directly.
2. Are crypto profits taxable in the Philippines?
Yes, the BIR classifies crypto gains as taxable income.
3. What’s the safest way to trade crypto in the Philippines?
Use BSP-licensed exchanges like PDAX or Coins.ph for compliance and security.
👉 Explore trusted crypto exchanges for seamless trading.
The Philippine crypto market balances innovation with regulation. While digital adoption surges, consumer protection and AML compliance remain priorities. By leveraging licensed exchanges, users can navigate this dynamic space safely.
Last Updated: January 2025