{"id":1111,"date":"2024-01-09T12:54:26","date_gmt":"2024-01-09T12:54:26","guid":{"rendered":"https:\/\/hiribi.com\/blog\/?p=1111"},"modified":"2024-01-09T12:54:28","modified_gmt":"2024-01-09T12:54:28","slug":"crypto-philippines","status":"publish","type":"post","link":"https:\/\/hiribi.com\/blog\/crypto-philippines\/","title":{"rendered":"CRYPTO &#038; PHILIPPINES"},"content":{"rendered":"\n<p class=\"wp-block-paragraph\">Cryptocurrency\nis gaining rapid global acceptance, and the Philippines has not been left\nbehind. The country, which has a population of over 100 million people, has\nseen increased crypto adoption as the technology reshapes investments, online\npayments, and transactions. <\/p>\n\n\n\n<p class=\"wp-block-paragraph\">According\nto a 2023 report by Statistica, the Philippine digital asset market is expected\nto exceed $185,300 (10.3 million PHP) in 2024, representing a 34.5% uptick from\n2023.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">This growth can be attributed to a rapidly expanding crypto community and crypto-friendly legislation. The industry also benefits from the large Filipino population working abroad, who have turned to cryptocurrency to send money back home due to its speed and lower costs. <\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Is crypto legal in the Philippines?<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">As\npreviously stated, one of the key drivers of crypto growth in the Philippines\nis a crypto-friendly legal framework. But how far does this go?<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The two main crypto regulators in the country are the Bangko Sentral ng Pilipinas (BSP) and the Securities and Exchange Commission (SEC). The BSP is the country&#8217;s central bank, overseeing all monetary policy, whereas the SEC is the government agency in charge of securities and financial instruments.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Bangko Sentral ng Pilipinas (BSP)<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">In\nFebruary 2017, the BSP acknowledged the legitimacy and validity of\ncryptocurrencies in the Philippines with Circular No. 944, which established\nthe laws and regulations that would govern the assets. According to the\ncircular, virtual currency exchanges must register with the BSP as transfer and\nremittance businesses before initiating operations.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">It\nis important to note that while cryptocurrencies are a legal method of payment\nin the Philippines, they are not legal tender as they are not issued by the\nBSP. <\/p>\n\n\n\n<p class=\"wp-block-paragraph\">BSP\nfollowed up with the Virtual Asset Service Providers (VASPs) guidelines in\n2021. These guidelines provided a more thorough picture of the BSP&#8217;s stance on\ncryptocurrency.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Among\nthe highlights of the VASPs guidelines were:<\/p>\n\n\n\n<ul class=\"wp-block-list\"><li>A VASP must register with the central bank\u2014BSP\u2014before operating in the country<\/li><li>VASPs must apply Know-Your-Customer (KYC) procedures and follow anti-money laundering (AML) and counter-terrorism funding (CTF) regulations.<\/li><li>VASPs must implement consumer protection measures against cyberattacks.<\/li><\/ul>\n\n\n\n<h2 class=\"wp-block-heading\">Securities and Exchange Commission\n(SEC)<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">Unlike\nits counterpart in the United States, the Philippine SEC is more optimistic\nabout cryptocurrencies. When asked about their position on digital assets\nduring the country&#8217;s Blockchain Week last year, Kelvin Lester Lee, the\nPhilippine SEC Commissioner, said the agency was open to the idea. He added\nthat the agency understood that \u201cthis is the next step of evolution when it\ncomes to the financial system\u201d and that they would want to \u201ctry to accommodate\nit, subject to appropriate laws.\u201d&nbsp; <\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The\nSEC plans to roll out a new legal framework for cryptocurrencies in the country\nin H1 2024. The legal framework was supposed to be released in 2023, but it was\npostponed following the collapse of the FTX exchange in 2022.&nbsp; <\/p>\n\n\n\n<p class=\"wp-block-paragraph\">In November 2023, the SEC issued a public warning against Binance, the world&#8217;s largest crypto exchange, claiming that the company was operating illegally in the Philippines. Furthermore, the SEC moved to prohibit Google and Meta from allowing Binance ads in the country.\u00a0 <\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Crypto Taxation in the Philippines<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">The\nPhilippine government recently enacted legislation requiring all cryptocurrency\nholders and traders to report capital gains on their annual tax returns.\nFurthermore, the government levies a capital gains tax of up to 15% on all\ncryptocurrency transactions, including profits and purchases in crypto.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">As the country&#8217;s legal framework for cryptocurrencies continues to evolve, there have been discussions about implementing new crypto taxes in 2024. As a result, it is recommended that you stay up-to-date on the latest developments in this field and seek professional advice to ensure that you remain compliant with the fast-changing laws.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Use cases for cryptocurrencies in\nthe Philippines<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">Cross-border payments and remittances are the most popular use case for cryptocurrency in the Philippines. Philippine citizens working abroad are required to send at least 10% of their earnings back home to their families. In comparison to traditional banks, cryptocurrencies emerged as a more cost-effective and time-efficient option.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Moreover, the Philippines shares the rest of the world&#8217;s enthusiasm for cryptocurrency as an investment vehicle, with citizens engaging in decentralized finance activities such as staking, lending, and borrowing, as well as long-term holding and NFT trading. <\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Popular Cryptocurrency Exchanges in\nthe Philippines<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">Crypto traders in the Philippines have over 100 cryptocurrency exchanges to choose from. The tokens supported, local currency (PHP) support, and fees charged are all factors you should consider when deciding which exchange to use. Based on these factors, here are the best exchanges to use in the Philippines in 2024. <\/p>\n\n\n\n<figure class=\"wp-block-table\"><table class=\"\"><tbody><tr><td>\n  Exchange\n  <\/td><td>\n  Maker\u2019s Fee\n  <\/td><td>\n  Taker\u2019s Fee\n  <\/td><td>\n  PHP Deposits\n  <\/td><td>\n  Number of Supported Coins\n  <\/td><td>\n  Philippine-based\n  <\/td><\/tr><tr><td>\n  Philippine Digital Asset Exchange (PDAX)\n  <\/td><td>\n  0.4%\n  <\/td><td>\n  0.5%\n  <\/td><td>\n  Yes\n  <\/td><td>\n  13\n  <\/td><td>\n  Yes\n  <\/td><\/tr><tr><td>\n  Coins.ph\n  <\/td><td>\n  0.25%\n  <\/td><td>\n  0.3%\n  <\/td><td>\n  Yes\n  <\/td><td>\n  34\n  <\/td><td>\n  Yes\n  <\/td><\/tr><tr><td>\n  Bybit\n  <\/td><td>\n  0.1%\n  <\/td><td>\n  0.1%\n  <\/td><td>\n  Yes\n  <\/td><td>\n  298\n  <\/td><td>\n  Global\n  <\/td><\/tr><tr><td>\n  Kraken\n  <\/td><td>\n  0.16%\n  <\/td><td>\n  0.26%\n  <\/td><td>\n  No\n  <\/td><td>\n  205\n  <\/td><td>\n  Global\n  <\/td><\/tr><tr><td>\n  OKX\n  <\/td><td>\n  0.08%\n  <\/td><td>\n  0.1%\n  <\/td><td>\n  Yes\n  <\/td><td>\n  367\n  <\/td><td>\n  Global\n  <\/td><\/tr><tr><td>\n  EToro\n  <\/td><td>\n  1%\n  <\/td><td>\n  1%\n  <\/td><td>\n  Yes\n  <\/td><td>\n  79\n  <\/td><td>\n  Global\n  <\/td><\/tr><tr><td>\n  Crypto.com\n  <\/td><td>\n  0.075%\n  <\/td><td>\n  0.075%\n  <\/td><td>\n  No\n  <\/td><td>\n  288\n  <\/td><td>\n  Global\n  <\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\">What\nis unique about each of these exchanges?<\/p>\n\n\n\n<ul class=\"wp-block-list\"><li>PDAX: BSP-licensed <\/li><li>Coins.ph: PHP pairs <\/li><li>Bybit: No KYC required, ideal for Futures and Options<\/li><li>Kraken: Security-focused<\/li><li>OKX: Low fees<\/li><li>EToro: Traditional assets support<\/li><li>Crypto.com: Low fees<\/li><\/ul>\n\n\n\n<h2 class=\"wp-block-heading\">Banks Offering Crypto-Related\nServices In the Philippines<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">UnionBank\nof the Philippines announced in September 2023 that it had acquired a BSP\nlicense to operate as a virtual asset service provider, making it the first and\nonly universal bank to receive this approval in the country. The license\nenabled the bank to expand its cryptocurrency operations, allowing citizens to\ntrade Bitcoin through its app. This feature was previously only available to a\nfew select customers.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">UnionBank\nhas been at the forefront of cryptocurrency adoption in the Philippines,\nbecoming the first bank to roll out the first crypto ATM in 2019. <\/p>\n\n\n\n<p class=\"wp-block-paragraph\">While we may see more banks in the Philippines venture into cryptocurrencies in the future, UnionBank stands alone as of January 2024. <\/p>\n\n\n\n<h2 class=\"wp-block-heading\">One More Important Thing<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">In addition to the aforementioned well-known crypto exchanges, we would like to mention the <a href=\"https:\/\/hiribi.com\/?utm_source=CPC&amp;utm_medium=09.01\">HiRiBi<\/a> platform. This service is popular in the Philippines and has several advantages. Among them are the speed and anonymity of transfers, complete security of funds, and a profitable referral program. But, most importantly, it has exchange rates that are consistently higher than the market and currently amount to more than +20%!<br> Be sure to pay attention to this site if you work with crypto exchanges. You will be pleasantly surprised!<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Cryptocurrency is gaining rapid global acceptance, and the Philippines has not been left behind. The country, which has a population of over 100 million people, has seen increased crypto adoption as the technology reshapes investments, online payments, and transactions. <\/p>\n","protected":false},"author":1,"featured_media":1112,"comment_status":"closed","ping_status":"closed","sticky":true,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[71,104,46,69,107],"class_list":["post-1111","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-uncategorized","tag-crypto","tag-hiribi","tag-hiribi-exchange-platform","tag-hiribi-com","tag-philippines","entry"],"_links":{"self":[{"href":"https:\/\/hiribi.com\/blog\/wp-json\/wp\/v2\/posts\/1111","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/hiribi.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/hiribi.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/hiribi.com\/blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/hiribi.com\/blog\/wp-json\/wp\/v2\/comments?post=1111"}],"version-history":[{"count":1,"href":"https:\/\/hiribi.com\/blog\/wp-json\/wp\/v2\/posts\/1111\/revisions"}],"predecessor-version":[{"id":1113,"href":"https:\/\/hiribi.com\/blog\/wp-json\/wp\/v2\/posts\/1111\/revisions\/1113"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/hiribi.com\/blog\/wp-json\/wp\/v2\/media\/1112"}],"wp:attachment":[{"href":"https:\/\/hiribi.com\/blog\/wp-json\/wp\/v2\/media?parent=1111"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/hiribi.com\/blog\/wp-json\/wp\/v2\/categories?post=1111"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/hiribi.com\/blog\/wp-json\/wp\/v2\/tags?post=1111"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}