The Philippines has emerged as a growing hub for blockchain innovation and digital asset adoption, with a total of 48 approved cryptocurrency exchanges currently operating under two major regulatory bodies. This rapid expansion reflects the country’s proactive stance toward fintech development and virtual currency (VC) integration into its financial ecosystem.
The approved exchanges are split between two key authorities: 11 registered with Bangko Sentral ng Pilipinas (BSP), the nation’s central bank, and 37 licensed by the Cagayan Economic Zone Authority (CEZA), a government agency overseeing a special economic zone in northern Luzon.
This dual-track regulatory framework enables both domestic-focused and offshore-oriented crypto businesses to operate legally, fostering innovation while maintaining oversight on financial stability, anti-money laundering (AML), and consumer protection.
BSP-Registered Crypto Exchanges: Domestic Compliance and Financial Integrity
As of recent updates, Bangko Sentral ng Pilipinas (BSP) has officially registered 11 cryptocurrency exchange operators under its remittance and money transfer company framework. These include:
- Betur Inc. dba Coins.ph
- Rebitance Inc.
- Bloomsolutions Inc.
- Virtual Currency Philippines Inc.
- Etranss Money Transfer International Corp.
- Fyntegram Inc.
- Zybi Tech Inc.
- Bexpress Inc.
- Coinville Phils Inc.
- Aba Global Philippines Inc.
- Bitan Moneytech Co. Ltd.
These entities are permitted to facilitate the exchange of virtual currencies for fiat money within the Philippines, provided they comply with strict regulatory standards.
The BSP formalized its regulatory approach through Circular No. 944, issued on February 7, 2017. This policy mandates that any business offering VC-to-fiat conversion services must register as a remittance or money transfer company. The goal is to ensure transparency, traceability, and accountability in digital asset transactions.
Under this framework, registered exchanges must implement robust safeguards, including:
- Anti-money laundering (AML) and counter-terrorism financing (CFT) controls
- Cybersecurity and technical risk management protocols
- Clear consumer protection policies
- Transparent fee structures and dispute resolution mechanisms
Additionally, the BSP has clarified that no entity is currently authorized to install cryptocurrency ATMs in the country. Any operator wishing to deploy such infrastructure must first register as a VC exchange under BSP guidelines.
It’s also important to note that initial coin offerings (ICOs) and platform-based token sales may require separate approval from the Securities and Exchange Commission (SEC) if they involve securities-like instruments.
CEZA-Licensed Exchanges: A Sandbox for Offshore Innovation
Beyond BSP’s domestic focus, the Cagayan Economic Zone Authority (CEZA) plays a pivotal role in positioning the Philippines as a regional fintech leader. As a government-owned authority managing a special economic zone, CEZA operates as a self-contained tariff area—similar to international freeports like Singapore or Hong Kong.
To date, CEZA has granted licenses to 37 companies under its "2018 Fintech Solutions and Offshore Virtual Currency Exchange (OVCE) Rules." These licenses come in two forms:
- OVCE Master License (24 holders): Allows full-scale offshore fintech operations, including crypto trading platforms and financial technology services.
- OVCE Regular License (13 holders): Permits only offshore cryptocurrency exchange activities.
This distinction ensures flexibility for startups and established firms alike to experiment with blockchain applications in a controlled environment—what CEZA CEO Raul Lambino describes as a “sandbox” for disruptive technologies.
However, CEZA has issued warnings about fraudulent entities falsely claiming authorization. Organizations such as Free Traders Club, Ploutos Innovation, Hedger Technology, Idragon Science Development, and others have been identified as unlicensed operators.
Crucially, CEZA emphasizes that:
- No Filipino individual or resident-owned company can apply for an OVCE license
- Licensed operators cannot offer services to Philippine residents unless separately registered with BSP or SEC
- All securities-related offerings must undergo proper regulatory review
This clear boundary prevents regulatory arbitrage while encouraging legitimate foreign investment.
👉 See how regulatory clarity is fueling innovation in Asia’s emerging crypto markets.
Building the Crypto Valley of Asia
In a bold move to solidify its status as a blockchain frontier, CEZA has partnered with Northern Star Gaming and Resorts Group, a real estate developer, to build the "Crypto Valley of Asia" within the Cagayan Economic Zone.
This ambitious project aims to create a dedicated ecosystem for crypto enterprises, featuring:
- A 25-unit residential and commercial complex within a digital port
- Co-working and co-living spaces tailored for tech startups
- Business incubation and acceleration centers
- Back-office hubs for exchange operators and service providers
Future phases will introduce:
- World-class internet data centers
- Self-sustaining power generation facilities for energy-intensive operations like mining
- Advanced cybersecurity monitoring systems
- Risk assessment and compliance support infrastructure
The vision is to replicate the success of global tech clusters like Silicon Valley—but tailored specifically for blockchain, decentralized finance (DeFi), and Web3 innovation.
BSP’s Balanced Regulatory Philosophy
Former BSP Governor Nestor A. Espenilla Jr. articulated the central bank’s forward-looking stance during a 2018 speech at the Association of Philippine Correspondent Bank Officers. He acknowledged that “VC systems can revolutionize financial service delivery—especially in payments and remittances.”
He emphasized that:
“Cryptocurrencies are a medium of exchange. Bangko Sentral ng Pilipinas recognizes this.”
Rather than imposing restrictive bans, the BSP adopts a balanced, open, and adaptive regulatory approach—one that encourages financial innovation while safeguarding public trust.
Espenilla stressed that cryptocurrencies themselves are neutral tools:
“They are neither good nor bad… BSP allows the market to evolve, but we also issue corresponding regulations to protect consumers and maintain financial stability.”
This philosophy aligns with global best practices, where regulators aim not to stifle innovation but to guide it responsibly.
Frequently Asked Questions (FAQ)
Q: How many cryptocurrency exchanges are legally operating in the Philippines?
A: As of now, there are 48 approved exchanges—11 registered with Bangko Sentral ng Pilipinas (BSP) and 37 licensed by Cagayan Economic Zone Authority (CEZA).
Q: Can I use a crypto ATM in the Philippines?
A: No. The BSP has not authorized any individual or company to install cryptocurrency ATMs in the country. Any such operation would require prior registration as a VC exchange.
Q: Is it legal for Filipinos to start a crypto exchange under CEZA?
A: No. Only non-resident foreign entities can obtain CEZA’s Offshore Virtual Currency Exchange (OVCE) licenses. Filipino individuals or companies are not eligible.
Q: Do ICOs need approval in the Philippines?
A: Yes. If an initial coin offering involves securities-like features, it must be reviewed and approved by the Securities and Exchange Commission (SEC).
Q: What is the Crypto Valley of Asia?
A: It’s a planned tech hub in Cagayan Economic Zone designed to host blockchain startups, crypto exchanges, data centers, and fintech innovators—a dedicated ecosystem for digital asset growth.
Q: Are BSP-registered exchanges safe?
A: They are subject to strict AML/CFT, cybersecurity, and consumer protection rules. However, users should still perform due diligence before using any platform.
The Philippines’ dual-path strategy—domestic regulation via BSP and offshore innovation via CEZA—positions it as a model for emerging economies navigating the digital asset revolution.
👉 Explore how regulated markets are paving the way for secure crypto adoption worldwide.