How to Buy Cryptocurrency in the Philippines
Getting started with cryptocurrency in the Philippines is easier than you think, all you have to do is follow these steps.
1. Choose a Cryptocurrency Exchange
The first step is selecting a reliable cryptocurrency exchange. Consider factors like security features, ease of use, supported cryptocurrencies, and transaction fees.
2. Create an Account
Sign up on your chosen exchange and complete the Know Your Customer (KYC) verification process to ensure compliance with local regulations. This could involve a proof of ID like your PHILSYS ID or passport, proof of address through a utility bill, and a selfie.
3. Deposit Funds
Fund your account using Philippine Peso (PHP) through bank transfer, credit card, or other accepted payment methods like eWallets e,g. GCash.
4. Buy Cryptocurrency
Navigate the exchange platform to purchase the cryptocurrency of your choice.
5. Secure Your Crypto Assets
Transfer your cryptocurrency to a secure wallet. Options include hardware wallets for maximum security or software wallets for convenience.
How to Sell Cryptocurrency in the Philippines
Next, in case you do need to withdraw your funds, here’s how you do it.
1. Transfer Cryptocurrency to an Exchange
Move your cryptocurrency from your personal wallet to the exchange where you plan to sell it like Binance.
2. Place a Sell Order
Decide on a market or limit sell order, depending on your price expectations and urgency. It’s important to decide when to sell, and you can use tracking tools or the exchange market’s insights to help you decide.
3. Withdraw Your Funds
Withdraw the proceeds from the sale to your bank account or e-wallet. Be mindful of withdrawal fees and processing times as this can have an impact on the net amount you get after selling your cryptocurrency.
How to Maintain Crypto Records for Tax Compliance in the Philippines
In the Philippines, earnings from cryptocurrency sales are subject to taxation, making maintaining accurate and organised records essential. Proper documentation simplifies your tax filing process and protects you from potential issues with the Bureau of Internal Revenue (BIR).
Here’s a breakdown of the key details you should keep track of:
Date of Sale: Record the exact date of the transaction. This helps establish how long you held the cryptocurrency, which may affect how your earnings are classified for tax purposes.
Proceeds in PHP: Note the total amount you received from the sale in Philippine Pesos based on the exchange rate at the time of the transaction.
Transaction Fees: Document any fees charged by the exchange or platform. These can often be deducted when calculating your taxable income.
To make this easier, consider using spreadsheets, mobile apps, or crypto tax software to convert your trades into organised records. Stay updated on the BIR’s regulations for cryptocurrency, as policies are still evolving. For added peace of mind, you can consult a local tax expert who understands the nuances of local tax laws to ensure full compliance during filing season.
Full List of Licensed Cryptocurrency Exchanges in the Philippines
Below is a detailed comparison of the top cryptocurrency exchanges operating in the Philippines.
| Cryptocurrency Exchange | Overview |
|---|---|
| PDAX | Homegrown platform that claims to allow customers to trade crypto with no hidden fees |
| Coins.ph | Allows crypto purchases as small as ₱5 |
| Moneybees | Provides over-the-counter crypto purchases, claims to charge no fees when selling crypto |
| TopJuan | Functions as a virtual currency exchange, also as a custodian and manages derivative products of all digital asset types |
| Maya | Low entry to crypto transaction from ₱1, allows users to cash in, buy, sell and cash out on their app, removing the need to use multiple platforms |
What are the types of cryptocurrencies available in the Philippines?
Here’s an overview of the most popular cryptocurrencies you can buy in the Philippines:
| Cryptocurrency | Symbol | Use case |
|---|---|---|
| Bitcoin | BTC | Digital gold, payments |
| Ethereum | ETH | Smart contracts, DeFi |
| Tether | USDT | Stablecoin (USD pegged) |
| XRP | XRP | Cross-border payments |
| BNB | BNB | Exchange utility, DeFi |
What’s the current state of crypto regulations in the Philippines?
In 2025, the Philippine government is taking significant steps to tighten its regulatory framework for cryptocurrencies. The Securities and Exchange Commission (SEC) has introduced draft rules for Crypto Asset Service Providers (CASPs).
These new regulations are designed to provide enhanced oversight, ensuring that service providers operate transparently and with accountability. The goal is to protect investors while fostering a secure and regulated market for cryptocurrency activities.
Additionally, the Bangko Sentral ng Pilipinas (BSP) has implemented the Travel Rule, a regulation that requires enhanced monitoring of cryptocurrency transactions.
This rule aims to prevent illicit activities such as money laundering and fraud by ensuring that all crypto transactions are traceable and compliant with international standards. Both developments mark a crucial shift toward a more secure and regulated crypto ecosystem in the Philippines.
FAQs
Is cryptocurrency legal in the Philippines?
Yes, cryptocurrency is legal in the Philippines, and it is actively regulated by government agencies such as the Bangko Sentral ng Pilipinas (BSP) and the Securities and Exchange Commission (SEC).
What is the safest way to store cryptocurrency?
Use hardware wallets or multi-signature wallets for maximum security.
Are cryptocurrency profits taxable in the Philippines?
Yes, profits from cryptocurrency transactions are subject to taxes. Consult a tax professional for guidance.
Can I use cryptocurrency for everyday purchases?
Adoption for daily transactions is growing but remains limited compared to traditional payment methods.
