Philippine Crypto Community Welcomes Tighter Bsp Rules, Calls for Industry-Wide Literacy

Manila, Philippines — The Philippine crypto trading community has welcomed the Bangko Sentral ng Pilipinas' (BSP) proposed freeze on new payment system operator registrations and its tighter controls on virtual asset service providers (VASPs) as a sign that the local digital asset market is maturing, with Global Miranda Miner Group (GMMG) supporting stronger accountability and traceability while emphasizing that regulatory oversight does not mean risk-free investing. With users projected to reach nearly 12.8 million this year, the community warns that rules alone will not protect new market entrants unless the whole industry also improves market literacy.

Arlone Abello, CEO of GMMG and Founding Chairman of the Innovative Movement of the Philippine Association of Crypto Traders (IMPACT), set out the position at The Crypto Roundtable. He was joined on the panel by John Garcia, Head of Strategic and Market Education Ventures at GCash; Alden Yburan, Head of GCrypto; and Patrick Lao, Head of Retail at PDAX.

"A pause on new licenses and closer controls on virtual asset service providers are not a step back for crypto. They are what happens when an industry grows up," Abello said. "When every payment can be traced to a real business, users, banks and partners can deal with crypto platforms with the same confidence they have in any other financial service. That is how the industry earns its place in mainstream finance. Our job now is to make sure users mature at the same pace."

The BSP's draft circular, released for consultation earlier in September, would suspend new registrations of Operators of Payment Systems (OPS) for 12 months while the central bank reviews its licensing framework. It would also require payment firms to deal with regulated VASPs only through direct arrangements, with enhanced due diligence, monitoring, and transaction and settlement limits.

Abello noted that regulation can strengthen safeguards, but it cannot by itself make people better investors. Without stronger financial literacy, market participants may still face losses even in a regulated market, making education an important complement to regulatory oversight.

About 10% of Filipinos now use cryptocurrency. Much of this adoption comes from demand for digital-first financial services in a country where about 76% of the population is unbanked or underbanked. For many new users, crypto is one of their first experiences of investing, which makes understanding risk all the more important.

“Reaching this level of participation shows that crypto is no longer just a niche interest. As the ecosystem grows, users also need to become more disciplined in how they understand risks, manage exposure, and make decisions in the market,” Abello said.

Abello added that the kind of people taking part has changed markedly since the play-to-earn boom that drove early adoption. According to him, the market now draws traders moving across from gold and equities, professionals applying familiar investment approaches to digital assets, and younger Filipinos building crypto into their wider financial plans.

He expects more Filipinos to enter the market as global crypto markets regain momentum. Total crypto market value recently climbed back above US$3 trillion, driven by Bitcoin reaching around US$86,000, its highest level since late January. Open interest in perpetual futures also neared US$160 billion, a sign that traders are taking on more leverage as activity picks up. With more newcomers likely to arrive during the upswing, Abello said this is the right time for the industry to invest in education.

GMMG said it will continue working with industry partners and regulators to expand education in technical analysis, risk management, market behavior, and disciplined trading. It will hold the next edition of The Crypto Roundtable in November 2026. Interested participants may visit globalmirandaminer.com for upcoming announcements.