How to Buy Cryptocurrency in Phillippines
Buying cryptocurrency in Phillippines
Recently, Bangko Sentral ng Pilipinas (BSP), the Philippines central bank, released new guidelines regarding virtual asset service providers (VASPs) to help combat money laundering. The BSP stated that VASPs will have to apply for a license, also called a certificate of authority, to be able to function and perform as a money sending business. Adding to this, they will also have to be in agreement with the central banks existing regulations for financial service providers in terms of various risks, liquidity, consumer protection, internal controls and, of course, anti-money laundering. Now, a minimum of 50 million Philippine pesos (over $1 million) in capital requirement will be required for VASPs if they offer custody services, and 10 million pesos ($208,000) if not. In a policy statement, the central bankís governorís office declared that it helps an environment which promotes financial innovations while maintaining the stability and integrity of the financial system.
As of 20/03/2021
These exchanges all accept customers from Phillippines. While they broadly offer the same services and you can buy cryptocurrency at all of them, there can be differences in transaction fees, security, verification requirements, deposit methods and features, as shown below
Based in Singapore and registered in the British Virgin Islands, Bybit is a P2P cryptocurrency exchange offering perpetual futures products with 100:1 leverage. Bybit can process 100k transaction per second which is a great feature for leveraged trading.
- Advanced and secure technology
- Anonymous accounts
- Attractive trading bonuses
- Very low fees
- Limited asset coverage
- No option instruments
Kraken has a good reputation for security and protection of your funds and operates across the USA (except NY), Canada, the EU and Japan
- It can be used to trade against fiat options
- Robust security measures
- Free SEPA deposits in Europe
- Not a very beginner-friendly interface.
- No card deposit options