The Philippines is rapidly emerging as one of Southeast Asia’s most vibrant markets for cryptocurrency adoption, driven by growing user participation, supportive digital infrastructure, and an evolving business landscape. Despite existing regulatory challenges, Filipino interest in crypto, both as an investment tool and a utility for payments, is growing at an unprecedented rate.

Growing Market and User Base

According to market projections, the cryptocurrency sector in the Philippines is set to generate ₱US$641.5 million in revenue by 2025. This growth reflects strong momentum, fuelled by increasing awareness, financial literacy, and the integration of crypto services in digital platforms.

The number of users in the Philippine crypto market is forecast to rise to 10.55 million by 2025, translating to a user penetration rate of 8.73%. Alongside individuals, a growing number of local businesses are beginning to accept digital currencies for payments, further mainstreaming the technology in everyday commerce.

Regulatory Landscape and Business Integration

While regulation remains an ongoing concern, it hasn’t dampened enthusiasm among Filipinos. The Bangko Sentral ng Pilipinas (BSP) has been issuing Virtual Asset Service Provider (VASP) licenses to ensure greater transparency and security. Several licensed platforms now offer a blend of financial services, such as remittances and bill payments, in addition to crypto trading, bridging the gap between traditional finance and digital currencies.

Top Cryptocurrency Exchanges in the Philippines

As interest in digital assets continues to soar, a number of local and international cryptocurrency exchanges have become popular among Filipino users for their ease of use, trading variety, and regulatory compliance.

Bitget

Bitget, launched in 2018, is one of the world’s top cryptocurrency exchanges with over 100 million users globally. Known for its robust security and user-friendly interface, Bitget offers more than 700 digital assets for spot and derivatives trading.

Whether you’re holding Bitcoin long-term or looking to trade a variety of tokens, Bitget provides a reliable platform for both beginners and experienced traders.

KuCoin

KuCoin serves crypto enthusiasts in over 180 countries, including the Philippines. Though PHP isn’t directly supported for trading, Filipino users can access crypto via third-party financial institutions or the P2P marketplace.

KuCoin’s versatile trading features and global reputation make it a strong choice for users willing to navigate around its PHP limitations.

Bybit

Bybit is a centralised trading platform available in over 100 countries, including the Philippines. Though it doesn’t support the Philippine Peso for spot or derivatives trading, Bybit enables local users to buy cryptocurrencies using its One-Click Buy feature through bank transfers, credit cards, P2P, or other third-party services. Its clean user interface and wide trading options make it a popular platform globally.

Coins.ph (Betur Inc.)

Founded in 2014 and regulated since 2017, Coins.ph is one of the most established crypto exchanges in the Philippines.

With over 16 million users, it offers a range of services including remittances, bill payments, and trading of major cryptocurrencies. As a fully licensed platform, Coins.ph is often considered the go-to choice for Filipinos entering the crypto space.

Other Prominent Local Platforms

Several homegrown companies are also helping shape the Philippine crypto market:

• Bloomsolutions, Inc. operates BloomX, which facilitates trading in over 250 cryptocurrencies. The company is known for incorporating blockchain into remittance services and is particularly popular among overseas Filipino workers looking for efficient money transfer options.
• Moneybees Forex Corp. offers over-the-counter crypto services through its partner outlets and online trading desk. It acquired its VASP license in early 2020 and focuses on enabling easy access to digital assets for users who prefer physical cash transactions.
• Philippine Digital Asset Exchange (PDAX) allows trading in over 70 cryptocurrencies using Philippine pesos. It is known for its easy-to-use interface and commitment to making digital asset trading accessible to the average Filipino.
• Maya Philippines, Inc., formerly PayMaya, has evolved into a full digital bank that also supports crypto trading. With a VASP licence granted in December 2021, Maya offers a unique combination of traditional financial services and digital asset transactions, catering to the growing demand for integrated financial solutions.

Looking Ahead

The Philippines’ crypto market is evolving at a rapid pace, underpinned by growing user demand and proactive adoption by fintech firms. While regulatory clarity remains a work in progress, the country’s digital-forward population and increasing financial inclusion efforts place it in a strong position to become a crypto innovation hub in Southeast Asia.

As local and global exchanges continue to expand their services in the country, Filipino users are expected to enjoy greater access to secure, seamless, and versatile cryptocurrency platforms in the years ahead.