Share this article
Philippines Central Bank Grants First Cryptocurrency Exchange Licenses
The central bank of the Philippines has granted licenses to two local bitcoin exchanges, according to local reports.
By Stan Higgins
Updated Sep 13, 2021, 6:50 a.m. Published Aug 21, 2017, 9:00 a.m.
The central bank of the Philippines has granted licenses to two local bitcoin exchanges, according to reports.
Daily newspaper The Philippine Star reported the developments on Sunday, citing statements from central bank chief Nestor Espenilla Jr.
STORY CONTINUES BELOW
Don't miss another story.Subscribe to the Crypto Daybook Americas Newsletter today. See all newsletters
The Bangko Sentral ng Pilipinas first released its rules for domestic exchanges in February, seeking to lay down a foundation for the country's nascent cryptocurrency space. Yet the central bank has seen relatively little interest from prospective applicants, according to one official who commented to local media in late July.
That said, Espenilla, who spoke during a financial technology event over the weekend, indicated that the central bank is being proactive about bringing exchanges under its regulatory auspices.
"We see a rapid increase in the trajectory. It is coming from a small base but increasing – that is why we decided to require them to register," he told attendees.
Espenilla also offered some figures on the local bitcoin trade, according to the news source, saying that exchanges are seeing as much as $6 million in volume a month – a figure that represents three times the $2 million per month seen last year.
"We are moving to regulate them," Espenilla emphasized.
Financial district of Manilla image via Shutterstock
More For You
KuCoin captured a record share of centralised exchange volume in 2025, with more than $1.25tn traded as its volumes grew faster than the wider crypto market.
What to know:
- KuCoin recorded over $1.25 trillion in total trading volume in 2025, equivalent to an average of roughly $114 billion per month, marking its strongest year on record.
- This performance translated into an all-time high share of centralised exchange volume, as KuCoin’s activity expanded faster than aggregate CEX volumes, which slowed during periods of lower market volatility.
- Spot and derivatives volumes were evenly split, each exceeding $500 billion for the year, signalling broad-based usage rather than reliance on a single product line.
- Altcoins accounted for the majority of trading activity, reinforcing KuCoin’s role as a primary liquidity venue beyond BTC and ETH at a time when majors saw more muted turnover.
- Even as overall crypto volumes softened mid-year, KuCoin maintained elevated baseline activity, indicating structurally higher user engagement rather than short-lived volume spikes.
More For You
Bitcoin dips, but quickly recovers as U.S. captures Venezuela's Maduro
The U.S. overnight launched a military strike against Venezuela, capturing President Nicolas Maduro and his wife and extracting them from the country.
What to know:
- The U.S. captured Venezuelan President Nicolas Maduro and his wife after a brief military operation Saturday morning, according to President Trump.
- Crypto prices suffered a brief, modest drop on the first reports of the military action, but have since recovered.
Top Stories
