Coins.ph Adds Bitcoin and Ethereum to National QR Ph, Reaching 700,000 Philippine Merchants

Initial data from the program’s early weeks showed thousands of retail transactions totalling millions of Philippine pesos. According to Coins.ph, transaction logs reflect diversified consumer spending habits rather than niche or luxury purchases, with users deploying digital balances for grocery settlements, school tuition payments, and home appliance purchases.

The central bank’s directive mandates a robust due diligence process based on six key pillars: issuer background, market maturity, use cases, transparency, traceability and security, and legal compliance. Furthermore, the BSP has banned anonymity-enhancing privacy tokens and required platforms to set strict thresholds to trigger the immediate suspension or delisting of assets during adverse market events, cybersecurity threats, or regulatory non-compliance.

This shifting baseline contrasts with the historical environment that allowed early retail integrations to take shape.

“In markets with tightening restrictions, we take an engagement-first approach, working closely with local authorities to demonstrate how a transparent, blockchain-based system actually enhances anti-money laundering and consumer protection efforts,” Zhou said. “Regardless of the jurisdiction, our goal is to maintain a compliance-first DNA that adapts to local nuances ensuring that we always operate as a responsible gateway to the digital economy.”

According to Zhou, the firm is currently in the final stages of securing the necessary permits from the central bank to officially exit the sandbox. Subject to those approvals, the domestic asset is positioned to serve as a primary retail settlement tool.