{"id":4325,"date":"2024-05-23T03:48:06","date_gmt":"2024-05-23T03:48:06","guid":{"rendered":"https:\/\/digitalcoinprice.com\/blog\/?p=4325"},"modified":"2024-05-23T03:48:06","modified_gmt":"2024-05-23T03:48:06","slug":"how-casinos-are-embracing-cryptocurrency-in-the-philippines","status":"publish","type":"post","link":"https:\/\/digitalcoinprice.com\/blog\/how-casinos-are-embracing-cryptocurrency-in-the-philippines","title":{"rendered":"Philippines On the Cryptocurrency Wave: How Casinos Are Embracing the New Era of Digital Money"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_73 counter-flat ez-toc-counter ez-toc-custom ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Content<\/p>\n<span class=\"ez-toc-title-toggle\"><a href=\"#\" class=\"ez-toc-pull-right ez-toc-btn ez-toc-btn-xs ez-toc-btn-default ez-toc-toggle\" aria-label=\"Toggle Table of Content\"><span class=\"ez-toc-js-icon-con\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #223c50;color:#223c50\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #223c50;color:#223c50\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/span><\/a><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/digitalcoinprice.com\/blog\/how-casinos-are-embracing-cryptocurrency-in-the-philippines\/#Reasons_for_the_Boom_of_Cryptocurrency_in_the_Philippines\" title=\"Reasons for the Boom of Cryptocurrency in the Philippines\">Reasons for the Boom of Cryptocurrency in the Philippines<\/a><\/li><li class='ez-toc-page-1'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/digitalcoinprice.com\/blog\/how-casinos-are-embracing-cryptocurrency-in-the-philippines\/#How_Casinos_are_Leveraging_Cryptocurrency_in_the_Philippines\" title=\"How Casinos are Leveraging Cryptocurrency in the Philippines?\">How Casinos are Leveraging Cryptocurrency in the Philippines?<\/a><\/li><li class='ez-toc-page-1'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/digitalcoinprice.com\/blog\/how-casinos-are-embracing-cryptocurrency-in-the-philippines\/#Is_Cryptocurrency_Legal_in_the_Philippines\" title=\"Is Cryptocurrency Legal in the Philippines?\">Is Cryptocurrency Legal in the Philippines?<\/a><\/li><li class='ez-toc-page-1'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/digitalcoinprice.com\/blog\/how-casinos-are-embracing-cryptocurrency-in-the-philippines\/#List_of_Cryptocurrency_in_the_Philippines\" title=\"List of Cryptocurrency in the Philippines\">List of Cryptocurrency in the Philippines<\/a><\/li><li class='ez-toc-page-1'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/digitalcoinprice.com\/blog\/how-casinos-are-embracing-cryptocurrency-in-the-philippines\/#How_to_Invest_in_Cryptocurrency_in_the_Philippines\" title=\"How to Invest in Cryptocurrency in the Philippines?\">How to Invest in Cryptocurrency in the Philippines?<\/a><\/li><\/ul><\/nav><\/div>\n<p><span style=\"font-weight: 400;\">Two years ago, the cryptocurrency market in the Philippines crashed, dashing the hopes of many. No thanks to the pandemic, many internet cafes shut down, huge sums were lost, and digital money stakeholders literally went out of business.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Now in 2024, there is an impressive market resurgence that commentators like the <\/span><a href=\"https:\/\/www.nytimes.com\/2024\/03\/18\/technology\/crypto-video-games-philippines.html\" target=\"_blank\" rel=\"nofollow noopener\"><span style=\"font-weight: 400;\">New York Times<\/span><\/a><span style=\"font-weight: 400;\"> called a \u201croaring back like a lion.\u201d Cryptocurrency in the Philippines is back and the gaming industry, particularly casinos, are embracing among its fore fronters.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Right in the heart of Quezon, a city known for its hustles and bustle, Jonie Bon, an ex-IT guru, recently opened an NFT X street. This business outfit is a cryptocurrency internet cafe for gamers and crypto enthusiasts to earn tokens as they enjoy their favorite games. Many people flock to this cafe for iGaming and other casino activities because when they win or complete a task, they are rewarded with crypto tokens.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The cryptocurrency wave is not only sweeping Filipinos living in the country; citizens who are abroad are returning home to participate in what\u2019s looking like the new gold mine. According to Straitstimes, \u201c<\/span><span style=\"font-weight: 400;\">Overseas Filipino workers, known as OFWs, are also returning to the country to earn crypto as metaverse Filipino workers, or MFWs.\u201d<\/span><\/p>\n<p><span style=\"font-weight: 400;\">On the streets of Manilla, cryptocurrency billboards are beginning to resurface and transactions in digital currency have witnessed a 70% increase in just two months. The reason for this surge is the embracement of crypto by casino players and stakeholders.<\/span><\/p>\n<p><b>Fact:<\/b><span style=\"font-weight: 400;\"> Nearly 30% of the world\u2019s video gamers that earn in cryptos are based in the Philippines<\/span><\/p>\n<p>&nbsp;<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Reasons_for_the_Boom_of_Cryptocurrency_in_the_Philippines\"><\/span><span style=\"font-weight: 400;\">Reasons for the Boom of Cryptocurrency in the Philippines<\/span><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><span style=\"font-weight: 400;\">Although close to 40% of Filipinos don\u2019t have a bank account, almost every home has access to reliable internet. As such, even in rural areas, people can get onboarded leveraging their access to information online.<\/span><\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter size-full wp-image-4327\" src=\"https:\/\/digitalcoinprice.com\/blog\/wp-content\/uploads\/2024\/05\/Reasons-for-the-Boom-of-Cryptocurrency-in-the-Philippines.png\" alt=\"Reasons for the Boom of Cryptocurrency in the Philippines\" width=\"512\" height=\"315\" srcset=\"https:\/\/digitalcoinprice.com\/blog\/wp-content\/uploads\/2024\/05\/Reasons-for-the-Boom-of-Cryptocurrency-in-the-Philippines.png 512w, https:\/\/digitalcoinprice.com\/blog\/wp-content\/uploads\/2024\/05\/Reasons-for-the-Boom-of-Cryptocurrency-in-the-Philippines-480x295.png 480w\" sizes=\"auto, (max-width: 512px) 100vw, 512px\" \/><\/p>\n<p><span style=\"font-weight: 400;\">Also, popular digital currencies like Bitcoin have made an impressive comeback, with the market value of this coin hovering around $68,000. Since it has never been this high in recent times, many speculators are optimistic that better fortunes might just still be ahead. This speculation fuels hope among vendors and other stakeholders, accounting for the multiple outlets of cryptocurrency in the Philippines.<\/span><\/p>\n<p>&nbsp;<\/p>\n<h3><span class=\"ez-toc-section\" id=\"How_Casinos_are_Leveraging_Cryptocurrency_in_the_Philippines\"><\/span><span style=\"font-weight: 400;\">How Casinos are Leveraging Cryptocurrency in the Philippines?<\/span><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><span style=\"font-weight: 400;\">Many video and iGames have challenges or tasks embedded in them for players. When players complete these tasks or overcome the challenge, they are rewarded with small tokens, most of which they convert into local currencies &#8211; pesos. What many players discover is that upon conversion, they get up to twice the country\u2019s minimum wage.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">As such, it\u2019s not unusual to find casino players scout for low deposit games with crypto rewards and spend nearly the whole day with it. Review platforms like Ecasinos.ph that analyze gaming sites play key roles in guiding new players. <\/span><a href=\"https:\/\/ecasinos.ph\/casinos\/minimum-deposit-casinos\/\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">Low minimum deposit iGaming sites reviewed by Ecasinos.ph<\/span><\/a><span style=\"font-weight: 400;\"> are usually authentic, with a speedy payout. Filipino igamers benefit from this review website to select the reliable gaming sites that ensure continued digital currency payment.<\/span><\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter size-full wp-image-4328\" src=\"https:\/\/digitalcoinprice.com\/blog\/wp-content\/uploads\/2024\/05\/How-Casinos-are-Leveraging-Cryptocurrency-in-the-Philippines.png\" alt=\"How Casinos are Leveraging Cryptocurrency in the Philippines\" width=\"512\" height=\"281\" srcset=\"https:\/\/digitalcoinprice.com\/blog\/wp-content\/uploads\/2024\/05\/How-Casinos-are-Leveraging-Cryptocurrency-in-the-Philippines.png 512w, https:\/\/digitalcoinprice.com\/blog\/wp-content\/uploads\/2024\/05\/How-Casinos-are-Leveraging-Cryptocurrency-in-the-Philippines-480x263.png 480w\" sizes=\"auto, (max-width: 512px) 100vw, 512px\" \/><\/p>\n<p><span style=\"font-weight: 400;\">Since digital currencies\u2019 landscape is not static, Philippine casinos are also becoming dynamic by investing in technologies that are crypto-compliant. Examples of such include the adoption of blockchain technology and establishment of secure digital wallets. These aim at making gaming outcomes transparent and reliable.<\/span><\/p>\n<p>&nbsp;<\/p>\n<h3><span class=\"ez-toc-section\" id=\"Is_Cryptocurrency_Legal_in_the_Philippines\"><\/span><span style=\"font-weight: 400;\">Is Cryptocurrency Legal in the Philippines?<\/span><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><span style=\"font-weight: 400;\">In the Philippines cryptocurrency is a legal tender. The country\u2019s central bank, <\/span><a href=\"https:\/\/www.bsp.gov.ph\/\" target=\"_blank\" rel=\"nofollow noopener\"><span style=\"font-weight: 400;\">Bangko Sentral ng Pilipinas (BSP)<\/span><\/a><span style=\"font-weight: 400;\"> issued a circular No. 944 in 2017 recognizing digital currencies as a lawful legal tender. However, based on the provisions of this circular, exchangers are mandated to register with the BSP and comply with relevant laws against money laundering and terrorism.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Furthermore, in 2021, BSP issued a comprehensive guideline on how to invest in cryptocurrency in the Philippines. The guideline mandated Virtual Asset Service Providers (VASPs) or intending ones to be licensed by the BSP and carry out comprehensive KYC measures.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Regulating digital money alongside the BSP is the Securities and Exchange Commission (SEC). Although their roles are primarily advisories, they occupy a critical trophic level in the food chain of cryptocurrency business in the Asian country. SEC ensures that investors are aware of the possible risks in the market and also ensure that iCO companies are duly registered with them.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">So, is cryptocurrency legal in the Philippines? Yes, but not official. That means that while no one would be arrested or punished for trading in it, it doesn\u2019t come as the country\u2019s officially recognized monetary exchange means.<\/span><\/p>\n<p>&nbsp;<\/p>\n<h2><span class=\"ez-toc-section\" id=\"List_of_Cryptocurrency_in_the_Philippines\"><\/span><span style=\"font-weight: 400;\">List of Cryptocurrency in the Philippines<\/span><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><span style=\"font-weight: 400;\">Whether for trading or investments, stakeholders have a couple of options with digital coins. However, not all of them are of equal popularity among investors and gamers. The list of cryptocurrency in the Philippines based on their popularity level are:<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Bitcoin (BTC)<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Ethereum (ETH)<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Stablecoins (Binance)<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Altcoins<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Memecoins<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">GameFi<\/span><\/li>\n<\/ul>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter wp-image-4329 size-full\" src=\"https:\/\/digitalcoinprice.com\/blog\/wp-content\/uploads\/2024\/05\/List-of-Cryptocurrency-in-the-Philippines.jpg\" alt=\"Golden Bitcoin Cryptocurrency. New Virtual money concept.\" width=\"512\" height=\"341\" srcset=\"https:\/\/digitalcoinprice.com\/blog\/wp-content\/uploads\/2024\/05\/List-of-Cryptocurrency-in-the-Philippines.jpg 512w, https:\/\/digitalcoinprice.com\/blog\/wp-content\/uploads\/2024\/05\/List-of-Cryptocurrency-in-the-Philippines-480x320.jpg 480w\" sizes=\"auto, (max-width: 512px) 100vw, 512px\" \/><\/p>\n<p><span style=\"font-weight: 400;\">Some centralized and BSP-approved outlets also facilitate crypto exchanges in the Philippines. These include Coins.ph, Binance, Bybit, KuCoin, and PDAX. Besides having legal backing to buy and sell cryptos, these platforms have won the confidence of many customers.<\/span><\/p>\n<p>&nbsp;<\/p>\n<h3><span class=\"ez-toc-section\" id=\"How_to_Invest_in_Cryptocurrency_in_the_Philippines\"><\/span><span style=\"font-weight: 400;\">How to Invest in Cryptocurrency in the Philippines?<\/span><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><span style=\"font-weight: 400;\">The greatest risk with cryptocurrency investment is its volatility. While the tides may be up now, events of the past teach that things can sharply get so low and down that huge investments will go down the drain. However, with the right information and careful investment plan, it can turn out to be the best business ever.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">If you are keen on learning how to invest in cryptocurrency in the Philippines, here are the five key steps to take.<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Find a crypto exchange of your choice<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Create and verify your account on your preferred exchange<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Set up your digital wallet<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Deposit funds<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Order your crypto<\/span><\/li>\n<\/ul>\n<p>&nbsp;<\/p>\n<p><strong>Bottom Line<\/strong><\/p>\n<p><span style=\"font-weight: 400;\">A former SEC commissioner, Kelvin Lee, once remarked at a Manilla conference about digital currency regulation: <\/span><i><span style=\"font-weight: 400;\">\u201cWe want a safe space to operate well, but how can you operate well if the industry itself, if the space itself, looks unruly, unwieldy, illegal?\u201d<\/span><\/i><\/p>\n<p><span style=\"font-weight: 400;\">Guaranteeing safety, decency, stability, and legality remains the puzzles around cryptocurrency that needs to be decoded for sustainability.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Two years ago, the cryptocurrency market in the Philippines crashed, dashing the hopes of many. No thanks to the pandemic, many internet cafes shut down, huge sums were lost, and digital money stakeholders literally went out of business.\u00a0 Now in 2024, there is an impressive market resurgence that commentators like the New York Times called [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":4326,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[10],"tags":[],"class_list":["post-4325","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-latest-news-updates"],"_links":{"self":[{"href":"https:\/\/digitalcoinprice.com\/blog\/wp-json\/wp\/v2\/posts\/4325","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/digitalcoinprice.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/digitalcoinprice.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/digitalcoinprice.com\/blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/digitalcoinprice.com\/blog\/wp-json\/wp\/v2\/comments?post=4325"}],"version-history":[{"count":2,"href":"https:\/\/digitalcoinprice.com\/blog\/wp-json\/wp\/v2\/posts\/4325\/revisions"}],"predecessor-version":[{"id":4331,"href":"https:\/\/digitalcoinprice.com\/blog\/wp-json\/wp\/v2\/posts\/4325\/revisions\/4331"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/digitalcoinprice.com\/blog\/wp-json\/wp\/v2\/media\/4326"}],"wp:attachment":[{"href":"https:\/\/digitalcoinprice.com\/blog\/wp-json\/wp\/v2\/media?parent=4325"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/digitalcoinprice.com\/blog\/wp-json\/wp\/v2\/categories?post=4325"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/digitalcoinprice.com\/blog\/wp-json\/wp\/v2\/tags?post=4325"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}