💡 7 Essential Facts About the History of Cryptocurrency in the Philippines
Cryptocurrencies have become a major force in global finance, and the Philippines is no exception. Over the past decade, the history of cryptocurrency in the Philippines has been marked by innovation, regulation, and growing adoption. Digital assets have gained significant traction among both retail investors and businesses, reshaping the country’s approach to digital finance and inclusion.
Recognizing the potential of cryptocurrencies to transform payments, remittances, and investment systems, the Philippine government has proactively built a comprehensive regulatory framework to govern their use. This approach fosters innovation while ensuring consumer protection and financial stability — a balance that has helped make the Philippines one of Southeast Asia’s most active crypto markets.
The cryptocurrency history in the Philippines continues to evolve rapidly, with startups, exchanges, and fintech companies driving adoption. While opportunities are abundant, the regulatory environment ensures that the industry operates safely, discouraging scams and financial crimes. Moreover, the government’s early response has positioned the country as a rising cryptocurrency hub in Asia, attracting both local entrepreneurs and international investors.
⚖️ 1. Legal Status of Cryptocurrencies in the Philippines
In the history of cryptocurrency in the Philippines, one of the biggest turning points was the government’s decision to legally recognize virtual assets (VAs). Although cryptocurrencies are not considered legal tender — meaning they can’t replace the Philippine peso — they are acknowledged as virtual assets regulated by the Bangko Sentral ng Pilipinas (BSP).
This legal status gives Filipinos the freedom to buy, sell, and trade crypto within a clear framework. As the history of crypto regulation in the Philippines shows, this move made the country one of the first in Asia to formally regulate cryptocurrency activities, building investor confidence early on.
Cryptocurrencies in the Philippines today serve multiple functions — from online payments and remittances to trading and investments. The combination of legal recognition and a supportive infrastructure has paved the way for a thriving ecosystem that balances innovation with accountability.
📜 1.1 BSP Circular No. 1108
A crucial milestone in the history of cryptocurrency in the Philippines came in January 2021, when the BSP released Circular No. 1108. This updated set of rules defined Virtual Asset Service Providers (VASPs) and outlined their responsibilities.
VASPs — which include crypto exchanges and wallet operators — must now register and secure a Certificate of Authority to Operate from the BSP. They are also required to:
- Maintain strict cybersecurity protocols.
- Provide consumer protection mechanisms.
- Ensure financial transparency and accurate reporting.
This framework marked a turning point in Philippine cryptocurrency regulatory history, signaling that digital assets were no longer fringe experiments — they were part of the country’s legitimate financial system.
🛡️ 1.2 Anti-Money Laundering and Compliance
Throughout the history of cryptocurrency in the Philippines, regulators have placed strong emphasis on Anti-Money Laundering (AML) and Counter-Terrorism Financing (CTF) laws.
VASPs must perform customer verification (KYC), report suspicious activities, and submit regular compliance reports to the Anti-Money Laundering Council (AMLC). These rules were introduced to prevent cryptocurrency from being misused for illegal activities while ensuring transparency and safety for legitimate users.
By prioritizing compliance early, the Philippines has built one of the most trusted and transparent cryptocurrency frameworks in the region — a move that continues to attract serious investors.
🏛️ 1.3 Regulatory Bodies
Several key agencies have influenced the history of cryptocurrency in the Philippines:
- Bangko Sentral ng Pilipinas (BSP) – Oversees licensing of exchanges and ensures stability in the crypto economy.
- Securities and Exchange Commission (SEC) – Regulates crypto assets considered securities or investment contracts.
- Anti-Money Laundering Council (AMLC) – Prevents illicit use of cryptocurrency and enforces financial compliance.
This multi-agency cooperation has created a solid foundation for responsible crypto growth in the Philippines.
🚀 2. How Cryptocurrency Started in the Philippines
The history of cryptocurrency in the Philippines began in the early 2010s, shortly after Bitcoin’s creation in 2009. Filipino tech enthusiasts saw blockchain’s potential for financial inclusion, especially in a country where millions lacked access to traditional banking.
At first, cryptocurrency was discussed mainly in online communities and tech forums. But as awareness grew, local innovators began creating wallets, exchanges, and remittance solutions tailored for Filipinos — laying the groundwork for a strong digital asset economy.
🧩 2.1 Early Adoption
Between 2013 and 2014, the early history of cryptocurrency in the Philippines was characterized by small groups of enthusiasts experimenting with mining and trading. Although awareness was low, these pioneers became key educators, hosting meetups and workshops to promote blockchain understanding.
As awareness spread, more people began exploring the potential of Bitcoin and Ethereum for investments and transactions, setting the stage for the future crypto boom.
💸 2.2 Remittance Innovation
Remittances are a defining part of the history of cryptocurrency in the Philippines. With millions of OFWs sending money home, crypto introduced a faster and cheaper alternative to traditional remittance channels.
Startups began using blockchain to cut transfer fees and waiting times. Companies like BloomX and Coins.ph built platforms where users could receive crypto remittances instantly, convert them to pesos, and pay bills — a major win for Filipino families.
By 2018, the Philippines was recognized as a leader in blockchain-based remittance innovation, proving that cryptocurrency could serve a real social purpose beyond speculation.
💻 2.3 Local Cryptocurrency Exchanges
Another major milestone in the history of cryptocurrency in the Philippines was the rise of local exchanges.
- Coins.ph (founded 2014) – Became the country’s first mobile wallet and crypto exchange, offering users bill payments and transfers through Bitcoin.
- PDAX (launched 2018) – A BSP-regulated platform providing a safe and compliant environment for trading cryptocurrencies.
These platforms revolutionized how Filipinos interacted with digital finance, paving the way for broader public trust in crypto systems.
🧠 2.4 Early Regulatory Response
In 2017, BSP Circular No. 944 required crypto exchanges to register and comply with AML rules — one of the first formal regulations of its kind in Asia.
This early response showed that the government viewed crypto as a legitimate financial innovation, not a threat. It gave birth to a regulated crypto industry that encouraged startups to operate within a safe legal structure.
🏆 2.5 Key Milestones in Philippine Crypto History
Key moments in the history of cryptocurrency in the Philippines include:
- 2014 – Coins.ph launches, pioneering crypto payments.
- 2017 – BSP Circular No. 944 regulates crypto exchanges.
- 2018 – PDAX officially opens as a licensed exchange.
- 2021 – BSP Circular No. 1108 strengthens VASP oversight.
- 2024 – SEC blocks unregistered international exchanges to protect Filipino investors.
Each of these milestones strengthened the Philippines’ position as a responsible, progressive crypto market in Asia.
💼 3. Rise of Cryptocurrency Startups in the Philippines
Throughout the history of cryptocurrency in the Philippines, startups have played a vital role in expanding blockchain’s impact.
Companies like Coins.ph, PDAX, BloomX, and Rubicoin are developing tools for payments, trading, and crypto education. Many have formed partnerships with banks and fintechs, allowing seamless conversion between crypto and fiat currencies.
This collaboration has created a bridge between traditional finance and the digital economy — empowering Filipinos to participate in the global crypto revolution.
Startups have also attracted international attention and investments. Venture capital firms from Singapore, Japan, and the United States are funding Filipino crypto projects due to the country’s strong regulatory clarity and tech talent.
📈 4. Cryptocurrency Adoption Trends
As the history of cryptocurrency in the Philippines progresses, three key adoption trends stand out:
🧍♂️ Retail Investors
Young, tech-savvy Filipinos are among the fastest-growing groups of crypto investors in Southeast Asia. Many began with small investments in Bitcoin or Ethereum through mobile apps, taking advantage of easy access and low transaction fees.
💱 Remittances
Crypto continues to revolutionize the remittance landscape in the Philippines, offering cheaper transfers and faster processing. It’s estimated that up to 20% of OFW families have used blockchain-based services for sending money home at least once.
🏪 Businesses
More local businesses are now accepting cryptocurrencies as payment — from e-commerce stores to digital service providers. This growing acceptance shows how the history of cryptocurrency in the Philippines is moving from innovation to real-world use.
🧾 5. Regulatory Compliance and Challenges
Regulation remains one of the most significant chapters in the history of cryptocurrency in the Philippines.
While BSP’s and SEC’s proactive policies have created a safe ecosystem, challenges persist — including:
- Cybersecurity threats and hacking incidents.
- Price volatility affecting investor confidence.
- Limited public education about crypto risks.
In 2024, the SEC began blocking unlicensed foreign exchanges, such as Binance and Bybit, to ensure all operations within the country meet legal standards. This firm stance reinforces the government’s goal of protecting Filipino investors while maintaining healthy competition.
Despite these challenges, the Philippine crypto ecosystem continues to thrive, driven by innovation, regulation, and public trust.
🔮 6. Future Outlook
As the history of cryptocurrency in the Philippines moves forward, several trends will shape its next phase:
- Decentralized Finance (DeFi): Allowing peer-to-peer lending and borrowing without banks.
- Non-Fungible Tokens (NFTs): Providing artists and creators new ways to earn from their work.
- Central Bank Digital Currency (CBDC): BSP is exploring a digital peso, which could enhance security and speed in financial transactions.
- Crypto Education: More universities and private firms are integrating blockchain training into their programs.
The future looks bright for the Philippines’ digital asset industry — combining regulatory discipline with technological creativity.
🧭 7. Conclusion
The history of cryptocurrency in the Philippines tells a powerful story of growth, innovation, and resilience. From small online communities to government-backed regulation, the Philippines has transformed into a recognized crypto leader in Asia.
With strong support from BSP and SEC, the local industry continues to evolve — driving financial inclusion, investment opportunities, and innovation. As blockchain technology advances, the Philippines is poised to remain a major player in shaping the digital economy of Southeast Asia.
From early Bitcoin adoption to the rise of regulated exchanges and blockchain startups, the Philippine crypto journey showcases how responsible innovation can empower a nation.
For related insights, check out our article on Technology in the Philippines.
💬 Frequently Asked Questions (FAQs) – History of Cryptocurrency in the Philippines
❓1. When did cryptocurrency start in the Philippines?
The history of cryptocurrency in the Philippines began in the early 2010s when Filipino tech enthusiasts started exploring Bitcoin. By 2014, local platforms like Coins.ph made crypto accessible to the public, and in 2017, the Bangko Sentral ng Pilipinas (BSP) officially began regulating crypto exchanges.
❓2. Is cryptocurrency legal in the Philippines?
Yes. In the Philippine cryptocurrency history, a major milestone came when BSP recognized cryptocurrencies as Virtual Assets (VAs) under Circular No. 944 (2017) and Circular No. 1108 (2021). This legal framework allows Filipinos to buy, sell, and trade crypto within a regulated environment.
❓3. What are the main uses of cryptocurrency in the Philippines?
Throughout the history of cryptocurrency in the Philippines, digital assets have been used for remittances, online payments, trading, and investments. Many Filipinos use crypto to send money home faster and with lower fees, while others trade assets like Bitcoin and Ethereum for profit.
❓4. Who regulates cryptocurrency in the Philippines?
The BSP (Bangko Sentral ng Pilipinas) is the primary regulator of cryptocurrency activities. It oversees exchanges and licenses Virtual Asset Service Providers (VASPs). The Securities and Exchange Commission (SEC) also regulates crypto-related securities, ensuring investor protection — an important part of the country’s cryptocurrency regulatory history.
❓5. What is the future of cryptocurrency in the Philippines?
The future looks promising. Based on the history of cryptocurrency in the Philippines, the government continues to support blockchain innovation. BSP is even exploring a Central Bank Digital Currency (CBDC) or digital peso. As education, technology, and regulation improve, cryptocurrency adoption is expected to rise across industries.
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For related insights, check out our article on Technology in the Philippines.
For the official source, please visit BSP Circular No. 1108 – Bangko Sentral ng Pilipinas
