Local think tank Infrawatch PH has sent a letter to the Philippines' Department of Trade and Industry (DTI), urging the government agency to launch an investigation against crypto exchange Binance for promotions without permits. The letter alleged that the crypto exchange has been targeting Filipino consumers with unregistered promotions that are being posted casually on social media platforms. Terry Ridon, the convenor for Infrawatch PH, said that Binance disregards Philippine regulations, as the exchange performs virtual asset service provider (VASP) functions in the country without the license. In response to the letter, a Binance spokesperson told Cointelegraph that the exchange …

Changpeng Zhao, the CEO of crypto trading platform Binance, shared plans to acquire two licenses that are critical for the firm's operations within the Philippines. In a press briefing in Manila, the Binance CEO mentioned that the exchange is looking to obtain the virtual assets service provider (VASP) license, which allows the platform to legally facilitate the exchange of digital assets and the conversion of crypto to the Philippine peso. Apart from the VASP, Zhao also noted that the trading platform is working to acquire an e-money issuer license from Banko Sentral ng Pilipinas, the country's central bank. This license …

The Philippines has started exploring blockchain technology use cases, launching a training program for researchers in the government’s Department of Science and Technology (DOST). Enrico Paringit, a DOST official, said that the goal of the training is to see how blockchain can play a role in areas like healthcare, financial support and emergency aid. Paringit noted that the department is also looking at how blockchain can be used in the issuance of passports and visas, trademark registration and government records. While cryptocurrency is a prominent application for blockchain, the DOST official highlighted that the department intends to “build non-cryptocurrency applications,” …

Voyager Innovations, the firm behind the Philippines' top digital payments app Paymaya, has announced it has achieved unicorn status after a recent round of funding, surpassing a $1 billion valuation. Voyager Innovation announced Tuesday that the new $210 million capital boosted its valuation to $1.4 billion. The company highlighted that the new funds will be used to develop crypto offerings that it recently added to its flagship digital payments app PayMaya. According to the news release, the recent financing round was led by SIG Venture Capital. It included well-known firms such as KKR, First Pacific Co., Tencent Holdings Limited and …

Philippines-based major fintech company PayMaya has reportedly launched a new cryptocurrency feature on its app, following in the footsteps of PayPal, Venmo and others. According to TechInAsia, PayMaya users will be able to trade, purchase, and spend digital assets using their accounts. This is also part of PayMaya's aim to offer a comprehensive crypto package for anybody interested in entering the market. With the new feature, PayMaya intends to make it simpler for Filipinos to learn about and use cryptocurrencies, as per the report. Furthermore, it will eliminate the necessity for users to register with cryptocurrency exchanges, create a crypto …

As the world of finance continues to transform, new forms of money are challenging traditional monetary infrastructures that have been around for a long time. Currently, central bank digital currencies (CBDCs) have caught the eye of various countries, including the Philippines. In a joint event organized by Bangko Sentral ng Pilipinas (BSP) and the Alliance for Financial Inclusion, Benjamin E. Diokno, the Philippines’ central bank governor, announced the rollout of Project CBDCPh, a pilot implementation of a CBDC for the country. According to Diokno, the project aims to improve “the payment system’s safety, resiliency, and efficiency.” “The project aims to …

On Thursday, Metaco, an enterprise cryptocurrency platform for securing, trading, issuing, and managing digital assets, announced the addition of UnionBank as its latest client. Founded in 1982, UnionBank is one of the largest banks in the Philippines, with a collective $15 billion in assets under management. UnionBank will be also be deploying its digital asset management services on the IBM Cloud, which are fully integrated with Metaco's solutions. Through the integration, UnionBank will be able to improve the insurability of assets with FIPS 140-2 Level 4 certified controls for managing and migrating keys. FIPS 140-2 is the highest level of …

The rapid growth of mainstream attention toward cryptocurrencies has forced the hands of numerous governments to create their digital alternatives. Over the past few years, interest from various jurisdictions has been pointed towards central bank digital currencies (CBDCs) — digital versions of government-issued fiat. Given their capacity to use blockchain technology to facilitate a simplified fiscal policy — not to mention calibrate privacy features and even provide cross-border banking services to the unbanked — CBDCs continue to gain even more attention from various governments worldwide. Already, surveys show more than 80% of central banks are researching CBDCs, with some working …

Amid the enormous success of crypto-powered game Axie Infinity in the Philippines, the local Department of Finance has made clear that it wants a cut of profits generated by playing Axie and other play-to-earn games. An August 23 report from Inquirer cites Philippine Finance Undersecretary Antonette Tionko as clarifying that any profits gleaned through play-to-earn games are subject to income tax. “Cryptocurrency is an asset, so it’s already taxable in the Philippines [...] whoever earns currency from it, it’s income you should report it,” she said. While the official asserted that that play-to-earn gains “are subject to income tax,” Tionko …

The Philippine Stock Exchange (PSE) is aiming to be first in line when financial regulators give the green light for crypto asset trading in the country. On Friday, July 2, CNN reported that PSE president and CEO Ramon Monzon said the local bourse should be the country’s first exchange platform for crypto assets. He stated: “If there should be any exchange for cryptos, it should be done at the PSE. Why? Number one, it's because we have the trading infrastructure. But more importantly, we'll be able to have investor protection safeguards especially with a product like crypto.” The country’s stock …

GCash, a major digital wallet in the Philippines, is reportedly considering introducing crypto trading services. GCash CEO and president Martha Sazon announced that the firm is looking at offering users the ability to buy, sell and store cryptocurrencies like Bitcoin (BTC) on its platform. In a Monday interview with The Philippine Star, Sazon said that GCash is exploring cryptocurrency trading in order to keep up with financial innovation. “While we may be considered a disruptor now, it is important in this digital age that we should be mindful of all types of disruptions out there. It’s important to know what …

An all-in-one DeFi platform says it delivers everything that crypto enthusiasts need — including lending services, staking, a fiat on-ramp, remittances and seamless payments. BitCashPay is registered with the Philippines Securities and Exchange Commission, and also intends to acquire a license from the country’s central bank. Whereas some decentralized finance projects offer little in the way of support for newcomers into the space, BitCashPay says it is determined to serve as an educational resource that makes digital assets easier to understand. The platform has launched an academy that provides straightforward guides on a plethora of topics spanning cryptocurrencies and blockchain. …