Philippine crypto community backs tighter BSP rules, urges market literacy
Filipino crypto traders welcome the BSP's proposed freeze on new payment operator licenses and tighter VASP rules, but say investor literacy must catch up.
NEWS
10/1/20263 min read
L-R: Arlone Abello (Coach Miranda Miner), CEO of Global Miranda Miner Group; Patrick Lao, Head of Retail at PDAX; John Garcia, Head of Strategic and Market Education Ventures at GCash; and Alden Yburan, Head of GCrypto, at The Crypto Roundtable
The Philippine crypto trading community has welcomed the Bangko Sentral ng Pilipinas' (BSP) proposed freeze on new payment system operator registrations, along with tighter controls on virtual asset service providers (VASPs). It sees both as a sign that the local digital asset market is maturing. Global Miranda Miner Group (GMMG) supports stronger accountability and traceability but stresses that regulatory oversight does not make investing risk-free. 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, GMMG CEO and founding chairman of the Innovative Movement of the Philippine Association of Crypto Traders (IMPACT), laid out the position at The Crypto Roundtable. He shared the panel with 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 that carry enhanced due diligence, monitoring, and transaction and settlement limits.
GMMG CEO Arlone Abello shares insights in a panel discussion on crypto identity, financial and market literacy
Regulation can strengthen safeguards, Abello noted, but it cannot make people better investors. Without stronger financial literacy, market participants can still lose money in a regulated market, which makes education a necessary complement to oversight.
About 10% of Filipinos now use cryptocurrency. Much of that adoption comes from demand for digital-first financial services in a country where about 76% of the population is unbanked or underbanked. For many newcomers, crypto is one of their first experiences of investing, so understanding risk matters all the more.
"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.
He added that the people taking part have changed markedly since the play-to-earn boom that drove early adoption. The market now draws traders moving over from gold and equities, professionals applying familiar investment approaches to digital assets, and younger Filipinos building crypto into their wider financial plans.
Abello expects more Filipinos to enter as global crypto markets regain momentum. Total crypto market value recently climbed back above $3 trillion, with Bitcoin reaching about $86,000, its highest level since late January. Open interest in perpetual futures also neared $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 now is the right time for the industry to invest in education.
GMMG said it will keep working with industry partners and regulators to expand education in technical analysis, risk management, market behavior, and disciplined trading. The next edition of The Crypto Roundtable is set for November 2026. Interested participants can visit globalmirandaminer.com for upcoming announcements.