Ayun sa fintech magazine ang cryptocurrency ay sumikat sa Pilipinas sa taong 2017 ng ito ay magrally mula sa $1k to $19k. SA panahong ito nagkaroon ng pagkakataon ang cryptocurrency na mapansin ng government institution at naging active ang fintech para magengage sa cryptocurrency. Although may mga tao ng nakakaalam about cryptocurrency before 2017, mas nabigyan ng pansin ang cryptocurrency sa panahon ng panunungkulan ni dating Pangulo Rodrigo Duterte.
Legal status of cryptocurrencies
The Philippines is one of the first countries in Southeast Asia to actively regulate cryptocurrency-related activities. In 2017, Bangko Sentral ng Pilipinas (BSP), the country’s central bank, introduced rules that treat cryptocurrency exchanges as currency exchange companies. This requires them to register with the BSP and comply with anti-money laundering (AML) and know your customer (KYC) regulations.
Bitcoin first became popular in the Philippines 2017, when its value skyrocketed from $1,000 to over $19,000 in the space of a few months. Since then, BSP has installed a reliable platform that protects crypto customers and also encourages bitcoin uptake, which is still in a nascent stage.
As of December 2020, BSP has also opened up channels with 17 virtual currency exchanges that are industry compliant.
President of the Philippines
Benigno Aquino III (2010–2016)Rodrigo Duterte (2016–2022)Bongbong Marcos (2022–present)