Philippines

It’s a week for regulatory enforcement in the cryptocurrency space as blockchain takes center stage in the Philippines.

Five countries in South and Southeast Asia now rank in the global top 10 for cryptocurrency adoption, embracing DeFi and defying government attempts to discourage crypto use. Is this a harbinger of larger trends to come?

The Philippines Securities and Exchange Commission warned the public last week not to use crypto exchange Gemini’s derivatives platform.

Smart Communications, one of the Philippines’ largest telcos, is entering the Web3 space through a partnership with Web3 community enabler in Southeast Asia, BlockchainSpace.

Welcome to Forkast IQ, presented by Forkast Editor-in-Chief Angie Lau, where we look beyond the headlines to get you insights that power smarter decisions. Coming up on today’s show: JPMorgan Chase set to rescue First Republic Bank. CITI cuts Coinbase stock Weekly crypto market wrap; “US$100K for Bitcoin” – Standard Chartered report; Weekly NFT market […]

The Philippines has licensing requirements and proactively monitors crypto firms, while the US regulates by enforcement only after consumers are already badly hurt, writes Robert De Guzman of Coins.ph.

Blockchain can be utilized in numerous ways to benefit the public sector, Philippine province Bataan is getting a head start.

Stablecoins in USD are becoming the digital world’s default currency — which burdens ordinary crypto users and monetary policies in smaller nations, writes Wei Zhou of Coins.ph.

As the Philippine government ties to roll out a hugely ambitious ID system, we take a look at how blockchain could make data more secure.

The Philippines might have moved on from Axie Infinity and other NFT collections, but its still steaming ahe

Blockchain adoption in the Philippines is struggling because businesses are focused on survival, according to Dr. Donald Lim, lead convenor at Philippine Blockchain Week in Manila.

The organized crime gangs victimize both the trafficked and those that get scammed, according to the official

The crypto sector operates mainly in English, but more than 6 billion people — many of whom crypto would benefit the most — use other languages, writes Wei Zhou of Coins.ph.

The world’s largest crypto exchange’s regional head of Asia says the Philippines’ GameFi community and rampant inflation in Turkey present opportunities for Binance.

The Philippines now ranks 2nd in the world for crypto adoption, but its path ahead is unclear, writes Emman Navalan. What are the hurdles it must overcome?

Bangko Sentral ng Pilipinas (BSP) Director Mhel Plabasan said the central bank has adopted a flexible approach on the digital assets.

Cryptocurrency advocates and exchanges in Asia say they are teaching the ins and outs of digital assets and blockchain in regional languages to help promote crypto investments and protect people against scams. See related article: Crypto is based on the greater fool theory: Philippines’ incoming central bank chief Fast facts Philippine crypto exchange Coins.ph, which […]

A total of six digital banks are now allowed to operate in the Philippines after the Bangko Sentral ng Pilipinas (BSP) issued Certificates of Authority to UnionDigital Bank, Inc. (UDB) and GoTyme Bank Corporation (GTYME). Read more: Philippine central bank governor says no plan to ban crypto BSP earlier authorized four digital banks namely Tonik […]

The Bangko Sentral ng Pilipinas (BSP) slaps a moratorium on new virtual asset service provider (VASP) license applications starting Sept. 1.

US Senate proposes the CFTC takes responsibility of Bitcoin and Ethereum. Meanwhile, Philippine authorities warn against Binance

Crypto prices fall ahead of the Fed meeting. Meanwhile, the Philippines pushes for a crypto tax.

In his first State of the Nation address, Philippine President Bongbong Marcos Jr. laid out his administration’s plans for the next six years including the imposition of tax on digital service providers that could include crypto exchanges.

Philippine BSP governor denies plans on banning crypto. Meanwhile, a former Coinbase employee has been arrested for insider trading.

New Bangko Sentral ng Pilipinas Governor Felipe Medalla is no fan of crypto, but in an exclusive interview with Forkast, he said there’s no plan to outlaw the digital asset.

The Philippines’ Department of Trade and Industry (DTI) said it cannot ban Binance for cryptocurrency-related sales and promotion as there are no clear regulations issued by the Banko Sentral ng Pilipinas (BSP), the nation’s central bank.  See related article: Crypto is based on the greater fool theory: Philippines’ incoming central bank chief Fast facts “Cryptocurrency […]

Players are being educated to turn into writers, content creators, streamers or e-sports players as earnings from play-to-earn games aren’t enough to substitute for a day job.

Bitcoin briefly returns to the US$22,000 mark. Meanwhile, InfraWatch PH calls for a ban on Binance in the Philippines.

Infrawatch PH, a public policy think tank in the Philippines, wrote to the country’s Department of Trade and Industry calling for a ban on Binance for promoting cryptocurrencies without proper licensing, according to a letter accessed by Bitpinas.  See related article: Crypto is based on the greater fool theory: Philippines’ incoming central bank chief Fast […]

The boxer-dog themed collection by Filipino boxing legend Manny “Pacman” Pacquiao, scheduled for minting on July 15, will be released on the Cardano blockchain, the team behind the official non-fungible tokens (NFTs) said on Monday.  See related article: Manny Pacquiao is launching NFTs in memory of dog ‘Pacman’ Fast facts The collection is named in […]

Felipe M. Medalla, an economist slated to be the next governor of the Philippines central bank, is not interested in regulating crypto, which he believes is based on “the greater fool theory.”  See related article: Philippines gets new government, will new crypto taxes follow? Fast facts “The only reason you’re using this [cryptocurrencies] is you […]

Philippines senator and boxing legend Manny Pacquiao is launching non-fungible token (NFT) project Pacman to commemorate his late Jack Russell Terrier. See related article: Are PewDiePie, Manny Pacquiao and Spencer Dinwiddie riding the blockchain wave? Fast facts The cartoonish boxer dog-themed NFT collection pays tribute to Pacquiao’s pet Pacman, who was accidentally run over by […]

Cryptocurrency companies in the Philippines await legislation from the new Ferdinand Marcos Jr. administration on how the government will tax the industry. Some are worried.

The Reserve Bank of India explores digital rupee options. Meanwhile, Terra’s new Luna coin drops significantly since launch.

StepN limits their services in China. Meanwhile, Terra 2.0 poses questions relating to investor trust.

Coinhako becomes third Singaporean exchange to receive full license. Meanwhile, the blockchain industry reacts to Philippine election results.

Bangko Sentral ng Pilipinas (BSP) will launch a wholesale central bank digital currency (CBDC) pilot project, coined CBDCPh, as part of its efforts to promote the stability of the country’s payment system. See related article: Report: Stablecoins, CBDCs may not resolve financial inclusion, international remittance challenges Fast facts The central bank’s pilot will test the […]

Non-fungible token (NFT) scammers took control of the University of the Philippines’ official Twitter account on Monday evening, posting several tweets promoting a fake airdrop.  See related article: Twitter hacker takes over verified accounts to promote fake Azuki NFT drop Fast facts The attackers renamed the Twitter account to “takashi murakami” — the name of […]

One in three gamers among 1,103 respondents are willing to quit or will consider resigning from their professional positions to play non-fungible token (NFT) games full time, according to a survey conducted by NFT gaming platform Balthazar.  See related article: Top NFT game Axie Infinity generated $1.3B in revenue last year Fast facts Among the […]

US crypto exchange Coinbase has blacklisted 25,000 Russian wallet address in response to the ongoing Russian-Ukraine conflict. Meanwhile in Asia, English-language newspaper South China Morning Post announces the launch of its metaverse experience.

More people in the region are in thrall to play-to-earn gaming as it adapts to offer real-world uses, says Infinity Ventures Crypto founding partner Brian Lu.

The Philippines is offering residency in one of its special economic zones known as ecozones with low tax rates for users staking the utility token of Oz Finance, TOTOZ.  Fast facts The residency is offered at the Freeport Area of Bataan, one of over 400 operating ecozones in the Philippines, which is located across the […]

The Philippine Digital Asset Exchange (PDAX) has raised US$50 million in a Series B funding round led by Tiger Global.  Fast facts UBX, the venture fund of UnionBank of the Philippines, Kingsway Capital, Jump Capital, U.S. blockchain payments company Ripple, among others, also participated in the round.  The funding round started in August last year […]

Games like Axie Infinity are now the darlings of big investors. Does it matter that revenue is falling and many players earn less than the minimum wage?

‘Team Pacquiao GG’ may be coming soon to League of Legends and Axie Infinity. But whatever happened to the former pro boxer’s Pac token?

Blockchain-powered iVote.ph lets users ‘vote’ on NFTs depicting presidential candidates in the Philippines. Can the underlying technology be trusted?

After shooting to prominence earlier in the year and bringing huge profits to early adopters, earnings for players of blockchain-based game Axie Infinity have dropped below the minimum wage line for most players in the Philippines, according to a recent report by research firm Naavik. Fast facts Using data sourced from the official website of […]

The darling of the play-to-earn gaming world had an explosive start but now struggles with deflation and lower player earnings. Is the play-to-earn model sustainable?

Philippines trials blockchain voting meanwhile Byron Bay to host crypto mining

The nation’s elections commission wants to upgrade its voting technology to improve voter turnout and public trust. Does blockchain check the boxes?

The hot play-to-earn token game Axie Infinity is under increased scrutiny from Philippines tax  authorities. The country’s central bank said it is closely monitoring how players use game tokens to decide whether to classify and regulate Axie’s parent company as an entity that runs payment systems. Fast facts The central bank, Bangko Sentral ng Pilipinas, […]