How to Buy Bitcoin in the Philippines

If you’re in the Philippines and looking to buy Bitcoin, you’re in the right place. Let’s walk through the steps together, from understanding the regulations to actually making a purchase, trading, and spending your Bitcoin.

Cryptocurrency and Bitcoin Regulation in the Philippines

Before diving into buying Bitcoin, it’s good to know the regulatory landscape. In the Philippines, cryptocurrency, including Bitcoin, is regulated primarily by the Bangko Sentral ng Pilipinas (BSP) and the Securities and Exchange Commission (SEC). These two bodies ensure that the crypto space operates within legal boundaries, making it safer for everyone.

Key regulations include the Virtual Asset Service Providers (VASP) License, issued by BSP. This license allows companies to legally facilitate the exchange and custody of virtual currencies like Bitcoin. Additionally, Circular No. 944 provides guidelines for Virtual Currency Exchanges to reduce risks like money laundering and terrorist financing. For those interested in token offerings, the Digital Asset Token Offering (DATO) regulations issued by the Cagayan Economic Zone Authority (CEZA) promote innovation while ensuring compliance.

Cryptocurrency Exchanges in the Philippines

Now that you know the rules, let’s talk about where you can actually buy crypto, including Bitcoin. The Philippines has several cryptocurrency exchanges, both local and international, that you can use. These exchanges allow you to buy, sell, and trade Bitcoin and other crypto assets. Here are some of the top options:

• Binance – One of the largest crypto exchanges globally by trading volume. You can buy Bitcoin, trade Bitcoin, and other cryptocurrencies here using various payment methods, including bank transfers and debit cards. Binance is known for offering low trading fees and a wide range of crypto coins.
• Coins.ph – A popular local exchange that supports Philippine Pesos (PHP) transactions, making it easy to convert your fiat currency deposits to Bitcoin. It’s a great choice for buying Bitcoin in the Philippines, especially if you prefer to deal in your local currency.
• Bybit – Known for its futures trading platform, Bybit offers a wide range of trading options, including margin trading for more advanced traders. This exchange is popular among experienced traders who are looking to employ more sophisticated trading strategies.
• KuCoin – Offers a vast selection of cryptocurrencies, giving you plenty of choices beyond just Bitcoin. KuCoin is favored by many Filipino traders for its user-friendly interface and competitive transaction fees.
• PDAX – A regulated local exchange that operates under the guidelines set by BSP. PDAX is a reputable cryptocurrency exchange in the Philippines, allowing users to buy and sell Bitcoin with ease. They also support bank transfers, making it convenient to deposit funds from your bank account.

These exchanges provide different features and benefits, so you can choose one that suits your needs best, whether you’re a beginner looking to purchase Bitcoin for the first time or an experienced trader seeking advanced tools.

Buying Bitcoin and Bitcoin Wallets in the Philippines

So, how do you actually buy Bitcoin, a popular digital currency? You have several options depending on what’s most convenient for you:

• Bank Transfers – You can easily buy Bitcoin using bank transfers through exchanges like Binance and Coins.ph. This method is straightforward and widely used by many Bitcoin buyers in the Philippines. Bank transfers are a reliable method for transferring funds to exchanges, often resulting in quicker processing times and lower fees. After depositing funds into your exchange account, you can purchase Bitcoin directly.
• Cash – Prefer cash? No problem. You can buy Bitcoin with cash at certain Bitcoin ATMs and through peer-to-peer (P2P) platforms where you can meet up with sellers. Bitcoin ATMs are available in major urban areas like Manila and Cebu, allowing you to buy and sell Bitcoin using cash or debit/credit cards. Make sure you have a valid Bitcoin wallet address to receive your purchased Bitcoin. These ATMs facilitate the buying and selling of cryptocurrencies, and you can make crypto deposits on your Bitcoin wallets.
• GCash – If you’re a GCash user, buying and selling Bitcoin is just a few taps away within the app. The GCrypto feature makes it super convenient for those who prefer mobile transactions.
• Debit Cards and Other Payment Methods – Some exchanges also allow you to purchase Bitcoin using debit cards, Google Pay, Apple Pay, and wire transfers. Selecting the right payment method, such as credit or debit cards, is crucial when trading on exchanges. These payment methods provide flexibility, depending on how you prefer to handle your transactions.

Each method has its pros and cons, so it’s all about what works best for you. Once you’ve made your purchase, it’s important to transfer your Bitcoin to a secure personal wallet, whether it’s a hardware wallet or a cold wallet, to keep your private keys safe.

Can Foreigners Buy Bitcoin in the Philippines?

• Yes, foreigners can buy cryptocurrency like Bitcoin in the Philippines, but they need to show additional documents to prove legal residency
• Foreigners can use cryptocurrency exchanges, online wallets, and other payment methods to buy Bitcoin in the Philippines

Spending Bitcoin in the Philippines

Once you’ve got your Bitcoin, you might be wondering where you can spend it. The good news is that over 400 merchants in the Philippines accept Bitcoin. This includes a variety of businesses in key cities like Cebu City, Dumaguete, Iloilo, and Bacolod City.

Some examples include:

• Metrodeal & CashCashPinoy – Popular daily deal sites where you can snag some great discounts.
• TrueProperty – A property marketplace, perfect if you’re looking to invest in real estate.
• The Bunny Baker – A bakery that specializes in tailor-made cakes, where you can satisfy your sweet tooth with Bitcoin.
• URBN QC – A bar in Metro Manila, making it easy to enjoy a night out with friends using Bitcoin.

If you’re flying, you’ll be pleased to know that Philippine Airlines accepts Bitcoin for bookings through Coins.ph, making it easy to book your flights using crypto. Similarly, Cebu Pacific allows you to redeem GetGo points with LoyalCoin, another cryptocurrency, offering more ways to use your digital assets.

Can You Use Bitcoin on Lazada or Shopee?

You might be wondering if you can use Bitcoin on popular e-commerce platforms like Lazada or Shopee. Unfortunately, these platforms don’t directly accept Bitcoin yet. However, there are workarounds. You can buy gift cards for Lazada or Shopee using Bitcoin through platforms like CoinGate or Bitrefill. These gift cards can then be used to make purchases on their respective platforms, giving you a way to spend your Bitcoin on your favorite online shopping sites.

Special Mention: Boracay – Bitcoin Island

If you’re planning a trip to Boracay, you’ll be excited to know that it’s one of the most Bitcoin-friendly places in the Philippines. Known as “Bitcoin Island,” Boracay has over 130 merchants that accept Bitcoin. Whether you’re grabbing breakfast at The Sunny Side Café or enjoying a beachfront drink at Epic Boracay, you can do it all with Bitcoin.

Here are ten popular spots where you can spend your Bitcoin in Boracay:

1. Real Coffee & Tea Café: Famous for its calamansi muffins, a must-try while you’re there.
2. Los Indios Bravos: A gastropub with a great selection of craft beers.
3. Subo Boracay: Serving up traditional Filipino cuisine in a cozy setting.
4. Lemoni Café and Restaurant: Known for its fresh and healthy menu, perfect for a light meal.
5. Dos Mestizos: A Spanish tapas bar offering delicious small plates.
6. Boracay Beach Club: A resort with a beachfront bar, where you can relax with a cocktail.
7. Spider House Resort: A unique resort built into the cliffs, offering stunning views and a great place to unwind.
8. Nigi Nigi Nu Noos: A beachfront resort and restaurant, perfect for enjoying the sunset.

The island’s embrace of Bitcoin is largely thanks to initiatives by Pouch.ph, a platform that uses the Bitcoin Lightning Network to facilitate quick and low-cost transactions. This makes spending your Bitcoin in Boracay as easy as it gets. Whether you’re looking to buy coffee, enjoy a fine meal, or book a stay, Boracay is the place to experience Bitcoin in everyday life.

Ready to Get Started?

Buying and using Bitcoin in the Philippines is easier than ever, thanks to the growing number of exchanges, merchants, and supportive regulations. Whether you’re buying Bitcoin to hold as an investment, engage in bitcoin trading, or use it in your daily life, the options available in the Philippines make it accessible and convenient. Make sure to choose a reputable cryptocurrency exchange, transfer your digital assets to a secure personal wallet, and you’ll be ready to start trading or spending your Bitcoin wherever you go.