Philippines Now Has 10 Approved Cryptocurrency Exchanges

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The Philippines is rapidly advancing its position in the global cryptocurrency landscape, with the country’s central bank officially recognizing 10 licensed crypto exchanges. This milestone reflects growing regulatory clarity and institutional adoption, placing the nation on a similar trajectory to crypto-friendly jurisdictions like Japan. As digital asset infrastructure expands, major financial institutions are also stepping in—UnionBank, one of the country's largest banks, has recently launched a Bitcoin ATM in partnership with a leading local exchange.

This development underscores a broader trend: increasing legitimacy and accessibility of cryptocurrencies in everyday financial services across the Philippines.

10 Officially Recognized Crypto Exchanges by BSP

The Bangko Sentral ng Pilipinas (BSP) has formally approved 10 virtual currency exchanges under its regulatory framework. According to an updated list released by the central bank and reported by The Manila Times, three new operators have recently joined the roster: Bexpress Inc., Coinville Phils Inc., and Aba Global Philippines Inc.

These additions bring the total number of BSP-registered exchanges to double digits, signaling strengthened oversight and formalization of the crypto sector. The other seven licensed entities include:

All are authorized to offer virtual currency exchange services, including remittances, forex trading, and digital asset conversions, under BSP’s guidelines.

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This regulatory progress positions the Philippines as a key player in Asia’s evolving digital economy, especially as demand for secure and compliant crypto gateways continues to rise.

Comparing Regulatory Progress: Philippines vs Japan

While the Philippines has reached 10 approved exchanges, Japan—often seen as a benchmark for crypto regulation—has taken an even more expansive approach. The Japanese Financial Services Agency (FSA) has registered 19 licensed crypto exchanges to date, with over 140 additional companies expressing interest in launching exchange operations.

Despite the gap in numbers, the Philippines' pace of licensing shows strong momentum. BSP’s structured onboarding process emphasizes anti-money laundering (AML) compliance, cybersecurity measures, and consumer protection—core pillars also upheld by Japanese regulators.

The contrast highlights different regulatory philosophies: Japan focuses on scaling within a mature framework, while the Philippines is building foundational trust and access from a growing base of retail and institutional users.

UnionBank Launches First Bitcoin ATM in Major Banking Move

In a landmark move for mainstream crypto adoption, UnionBank of the Philippines has installed a Bitcoin ATM at its Ark Makati branch—one of its primary locations. The machine, launched last month and operating under BSP approval, was developed in collaboration with Coins.ph, one of the country’s most widely used digital wallets.

Currently, the ATM supports only Bitcoin (BTC) buying and selling. Users can withdraw Philippine pesos directly after selling BTC, making it a convenient bridge between digital assets and fiat currency.

“The ATM is located at Ark Makati and accessible only during branch operating hours,” a UnionBank representative confirmed to News.Bitcoin.com.

To use the machine, customers must have both a UnionBank account and a compatible crypto wallet such as Coins.ph. However, non-account holders can open one on-site at the Ark Makati branch, lowering entry barriers for new users.

UnionBank CEO Edwin R. Bautista revealed plans to expand this initiative: “We intend to deploy more crypto ATMs across our network of approximately 300 branches, pending BSP approval.” This signals a long-term commitment to integrating blockchain-based services into traditional banking infrastructure.

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CEZA’s Offshore Licensing: A Parallel Crypto Framework

Beyond BSP’s domestic regulations, another layer of crypto licensing exists through the Cagayan Economic Zone Authority (CEZA)—a government agency that grants offshore permits for fintech and virtual asset businesses.

As of last month, CEZA has issued 24 principal licenses and 6 regular licenses for cryptocurrency exchanges, along with approvals for 15 companies offering fintech solutions. CEZA CEO Raul Lambino emphasized the agency’s role in attracting international investment through streamlined offshore registration.

However, there are critical limitations:

Because of these restrictions, CEZA licenses are primarily used by platforms targeting foreign users or operating in international markets. Unlike BSP approvals, which require rigorous compliance audits and capital requirements, CEZA’s process is seen as more accessible but less integrated with domestic financial systems.

This dual-track system allows for both tightly regulated local access (via BSP) and globally oriented expansion (via CEZA), creating a balanced ecosystem for diverse business models.

Core Keywords Driving Digital Finance Growth

This evolving landscape is shaped by several key themes:

These terms reflect rising public interest and institutional engagement with digital assets—highlighting search intent around safety, accessibility, and regulatory legitimacy.

Frequently Asked Questions (FAQ)

What does it mean for a crypto exchange to be BSP-approved?

A BSP-approved exchange has met strict regulatory standards set by the Bangko Sentral ng Pilipinas, including AML/KYC protocols, capital adequacy, cybersecurity frameworks, and consumer safeguards. These platforms can legally operate within the Philippines and offer services to local users.

Can anyone use the UnionBank Bitcoin ATM?

Yes, but with conditions. Users must have a UnionBank account and a compatible crypto wallet like Coins.ph. Non-customers can open an account at the Ark Makati branch where the ATM is located.

How is CEZA different from BSP in crypto regulation?

BSP regulates financial institutions serving Philippine residents and allows crypto-to-fiat transactions. CEZA offers offshore licenses for international operations but prohibits serving locals and restricts services to crypto-to-crypto trades only.

Are all 24 CEZA-licensed exchanges legal in the Philippines?

They are legally registered under CEZA’s offshore framework but are not authorized to operate domestically. Only BSP-approved exchanges can legally serve Filipino citizens with full financial services.

Is buying Bitcoin via ATM safe?

When operated by regulated institutions like UnionBank and partnered with trusted platforms like Coins.ph, Bitcoin ATMs offer a secure method for purchasing BTC. Always verify transaction fees and ensure your wallet is protected with strong security practices.

Will more banks adopt crypto ATMs?

Given UnionBank’s pilot success and public response, other major banks may follow suit—especially if BSP continues supporting innovation within a compliant framework.

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Final Thoughts: Building a Trusted Crypto Ecosystem

The Philippines’ dual-path approach—combining BSP’s rigorous domestic licensing with CEZA’s offshore flexibility—creates a dynamic environment for innovation while maintaining financial stability. With 10 approved exchanges, growing ATM access, and partnerships between banks and fintechs, the country is laying the groundwork for inclusive digital finance.

As adoption accelerates in 2025 and beyond, user education, transparent regulation, and seamless integration will be key to sustainable growth—ensuring that Filipinos can participate safely in the global crypto economy.