Within South East Asia, Philippines seems to be more Bitcoin-pro, as the Country has well-established Bitcoin infrastructure and a growing demand for Cryptocurrencies making it one of Asia’s most sophisticated Bitcoin-friendly nation where blockchain enthusiasts can do pretty much anything using the digital currency. Cryptocurrencies are promising low-cost remittance platform for Filipino workers abroad to sent earnings back home, spurring demand for Bitcoin to be used as a medium of exchange with an estimate of +$6 Million remittance transactions recorded in 2017.
The use of bitcoin and its counterparts is rising especially among overseas Filipinos sending money home, as they offer a cheaper and quicker way to move cash, this has caught the attention of local regulators who are interested in enforcing laws as a pledge to oversee the industry. The fact that the Philippines ranks third with $27 Billion received annually as part of the 500 Billion remittance industry, has created more demand for Cryptocurrency, as Blockchain technology can be used to directly cut down cost & fees.
The central bank has been allowing the entry of more non-bank players into serving the public, as part of its National Retail Payment System framework which targets wider use of digital payment platforms has allowed. Bangko Sentral ng Pilipinas (BSP) is now considering embracing the use of Blockchain technology to spur wider access to financial services while also bringing down transaction costs for Filipinos using national digital currency as a medium of exchange
Philippine Government seems to have a more neutral rather than negative stance towards Bitcoin, as the country has around 35 accredited e-money issuers as of July 25 2017, of this number, 28 are banks whereas 2 are a Cryptocurrency-based Exchange such as Coins.ph and BuyBitcoin.ph, that managed to secure a regulatory license in the Philippines. Both of the Exchanges are committed to providing a “safe and secure” e-wallet which the public can use and have since complied with regulation, to be entitled as a licensed electronic money issuer and also as remittance agent.
The recent proposal of the “E-peso Act 2014” Bill in Congress strengthens the case for bitcoin, as even local politicians, not exactly known for their penchant for disruptive technologies, are beginning to take notice of the advantages of adopting new ways of serving the financially excluded populace.
The Philippine central bank is now regulating the operations of two bitcoin exchanges, which are described as ‘local-based’ with ‘international root and have in the past shown interested in getting the nation's securities & exchange commission (SEC) to regulate ICOs. With an ''open mind'' approach, the government seems ready to welcome a cryptocurrency revolution within the archipelago, a move welcomed by Filipinos, especially for those who live abroad and rely on remittance services to send money across the world
Crypto Exchanges
BuyBitcoin.ph
Featured to be Philippines favorite & oldest Bitcoin exchange, BuyBitcoin.ph has become a popular Exchange among local residents looking to trade Bitcoin using the Philippine Peso. The exchange aims to provide a user-friendly experience for those new to Cryptocurrencies, offering a simplistic service for those that want to invest in Bitcoin through an accredited Exchange.
And unlike a majority of Bitcoin exchanges, BuyBitcoin.ph requires no KYC regulations meaning users don’t have to give up their personal sensitive information in order to begin trading Bitcoin, making this Exchange one of the more safe platform to use, especially for those who value anonymity and privacy.
BuyBitcoin.ph is owned by the company SCI Ventures Inc.'s, a wholly-owned subsidiary of Rebittance Inc., one of the few corporations with a focus in Blockchain technology in the Philippines to be registered with Bangko Sentral ng Pilipinas (BSP) as a Remittance and Transfer Company.
Under the investment company Satoshi Citadel Industries, the company behind BuyBitcoin.ph is backed by Kakao Investment, a leading subsidiary of Kakao company incorporated in 2015 that specializes in venture capital investments.
As a brokerage service, BuyBitcoin.ph is said to be one of the easiest ways to purchase bitcoins in the Philippines, as the Exchange features a unique interface that makes it easy to use especially for first-time buyers but offers limited methods of purchasing and selling Bitcoin when compared with Coins.ph
Go to BuyBitcoin.ph
Coins.ph
The Philippines second most popular Bitcoin Exchange is Coins.ph, with more than 2 million customers using its mobile wallet service it is said to be one of the best well-rounded Bitcoin apps around the globe because of its connections with banks, governments, and corporations.
This particular Exchange focuses on simplifying the process of buying Bitcoin by providing a user-friendly interface designed to make the process of trading & storing Cryptocurrency an easy task. Coins.ph also have a mobile app-based platform that serves as an e-wallet and mobile dock for multiple bank accounts, allowing clients to send and receive money from non-registered users
Unlike existing services, Coins.ph seem to be leading the way when it comes to mobile application, as the service lets it's customers settle utility bills, pay tuition fees & credit card payment besides just offering a platform to buy and sell Bitcoin through partner Banks, remittance branches and ATMs
With a growing client base, Coins.ph continues to establish itself as a key player in the Cryptospace especially after securing its registration with the Bangko Sentral ng Pilipinas (BSP) essentially becoming an accredited Exchange. BSP granted an electronic money issuer (EMI) license to Coins.ph becoming the first blockchain-enabled startup in Asia to be granted such a license from a monetary regulator.
The company running Coins.ph has the licensed to operate as an electronic money issuer & remittance agent, confirming that the Exchange is closely working the local Filipino & Thai government to continue operating its independent exchanges throughout the region
Coins.ph has also recently secured $9.5 million in fresh funding from venture capital firms Quona Capital and Naspers Ventures, adding more fuel for digital firm’s expansion plans of offering its service throughout South East Asia. With more additional services being offered over time, Coins.ph is set to become the region's favorite Bitcoin exchange as this platform offers a variety of amenities to take advantage of and also provides good liquidity for trading the BTC/PH pair
Go to Coins.ph
Coinage.ph
Philippines’ first enterprise-grade order book bitcoin exchange platform to be at par with the best in the world is known as Coinage was founded in 2014, with the goal of establishing a more liquid Bitcoin market. Coinage's platform went live after the announcement of the E-Peso Act 2014, launching a full order book exchange that utilizes a platform and trade engine to allow people to get true price discovery of Bitcoin paired against the Peso.
As one of the few Exchanges operating during that time, Coinage has been seen as a major contributor in the early day of Bitcoin inception by established itself as an enterprise-grade digital trading space to serve Filipinos, eliminating dependence placed on foreign Exchanges during early days of Bitcoin's infancy. Coinage.ph is part of the Satoshi Citadel Industries (SCI) group of companies, an umbrella company that has several bitcoin companies under its belt and obtained license from the Central Bank of Philippines & Anti-Money Laundering Council
This Exchange wants to make trading between BTC and Philippine Peso (PHP) in the most convenient, safe and straightforward way. With ample liquidity in both cash and bitcoin, Coinage manages to attract traders to its platform to trade Bitcoin and with plans of expansion of integrating more Altcoins in the future, this Exchange is likely to remain a popular Marketplace in the Philippines. It should be as safe and easy for both first-timers and seasoned enthusiasts to begin using the service to trade Bitcoin
Go to Coinage.ph
Peer-to-Peer Exchanges
WallofCoins
A popular P2P Bitcoin Marketplace, WallofCoins is basically an escrow service that makes it easy to buy Bitcoins with cash deposit in the Philippines. WallofCoins is a US-based P2P Marketplace owned by Genitrust, Inc. that has expanded it's service to the Philippines offering trading in Bitcoin and Dash for Philipino Peso and vice versa. With a growing user base, WallofCoins has become one of the world's most popular P2P platform, establishing itself to be a trusted marketplace for Cryptocurrency Trading since its launch earlier in 2017
Buyers and sellers agree on trade terms, and WallOfCoins is used as escrow, acting as a peer-to-peer lender, the exchange places a strong emphasis on protecting sellers and creating a vibrant marketplace for buyers. The sellers are safeguarded by storing their bitcoin offline in a cold wallet and are expected to provide a mobile or bank details whereas buyer requires no personal details to engage in a trade
WallofCoins wishes to provide a fast and easy service for its clients who wish to buy or sell some Bitcoins or Dash in small sums, tailoring a P2P for small-time traders. With little KYC requirements and a growing user-base has made WallofCoins a popular marketplace in the Philipines, that let's local citizens find Bitcoin buyers/sellers to trade with. Operating in 12 countries, Filippino's are the only residents in South East Asian to take advantage of WallofCoins P2P Marketplace as there is a booming liquid market for the BTC/PH pair
Go to WallofCoins
LocalBitcoins
Localbitcoins is the world most popular Bitcoin Peer-to-peer marketplace that provides users with an alternative way to obtain and trade digital currencies within a local country. This P2P marketplace has been around for a very long time and was originally based from Finland since 2012, the goal to connect Bitcoin buyers and sellers via an open, peer-to-peer marketplace and has since become a popular service in the Philippines
A platform that offers seller and buyers from around the world to meet and trade Bitcoin in countries worldwide has become the most popular Bitcoin P2P for Filippino citizens. Anyone can find buyer/sellers of Bitcoin and directly initiate a trade request with users that are trusted based on the built-in rating system. Essentially, Localbitcoins.com provides an Escrow service that act's as a third-party to ensure that trades are conducted fairly
Localbitcoins has developed a good reputation and established itself in a large number of countries around the world, with the site currently listing exchangers in 15582 cities across 248 countries.
Go to LocalBitcoins
Remitano
Owned by the Seychelles-based company Babylon Solutions Limited, Remitano has been around since 2016 connecting Bitcoin buyers and sellers on an open, peer-to-peer marketplace. Unlike LocalBitcoins.com, this exchange offers P2P markets for Cryptocurrencies like Bitcoin Cash & Ethereum providing more alternatives when compared to P2P Bitcoin-only Exchange Network. Remitano only requires a verified email address, allowing anyone to trade bitcoin via finding a seller on the platform without requiring additional KYC verification
By using the site users can create and list advertisements, communicate with prospective buyers and sellers and confirm all the transaction details before finalizing any trade. Since Remitano is popular among Philippines residents, its likely to remain one of the more active decentralized marketplace for buyer/sellers of digital currencies such as Bitcoin, Ethereum & Bitcoin Cash
Go to Remitano
Keep up to date with Indonesian Bitcoin Exchanges, by visiting ''Buy Bitcoin in the Philippines'' page, we will monitor each of the services listed to ensure that our readers use reliable and trusted Exchanges to trade Cryptocurrencies