Cryptocurrency brokers already outperform traditional financial platforms in the Philippines

Since the government recognized digital assets as a form of payment, crypto-economy has increased in the country

Source: Portal do Bitcoin

Fintechs working with cryptocurrencies have gained popularity in the Philippines and in some cases the activity of the users of the exchanges exceeds that of the traditional financial platforms institutions. Among these startups that stand out in the Philippines are Coin.ph and Satoshi Citadel Industries (SCI). Both are among the top 10 applications in that country.

With four years of existence, Coin.ph has conquered more than five million users on its Blockchain platform, in addition to expanding its business to Malaysia (Coins.my) and Thailand (Coins.th). The rate of growth of this company exceeds financial platforms and other applications of fintechs.

The Central Bank of the Philippines recognized in February last year the currencies

encrypted as a form of payment and has since sought a regulation that does not stave the growth of disruptive technology.

It is worth remembering that the Philippine government was one of the first authorities to officially recognize digital assets as a form of money and to legitimize the cryptocurrencies sector. This is one of the factors that contributed to the popularity of operators of digital assets and ended up giving in its growth in numbers. The fact is that legal security influences and a lot when it comes to investing or even to make use of an innovation.

If it depends on the Philippine authorities, crypto-economy tends to grow even more. Unlike Japan that has resorted to restricting transactions with crypto-assets, the Philippines has encouraged the use of this technology.