Anyone ever visited the Philippines will have a remarkable story to tell you about their colorful tricycles, jeepneys and Bangka boats of course! It all started as a Spanish colony but Filipinos are an independent nation nowadays. Another interesting fact about the Pinoys includes their flag and depending on how its flown people know whether the country is at peace or war. The Philippines is a very intriguing country but not too well developed when it comes to general infrastructure. Nevertheless, the Filipinos have heard about the bitcoin while collecting it in great quantities, on this note, let's take a closer look at current bitcoin regulations in the Philippines, as well as some of the exchanges where to buy BTC from and what their online gambling legislation look like.
Bitcoin Regulations in the Philippines
Officials in the Philippines have taken a strong stance against passing any legislation that would consider bitcoin as a currency and the main reason behind this is because BTC is not backed by any government or commodity. They do see bitcoin as a form of payment and exchanges operating in the country must apply for a license, while paying annual registration and license fee. KYC policies are in motion by the bitcoin exchanges selling BTC to the Pinoys.
Filipino Bitcoin Exchanges
BuyBitcoin.ph is one of the most popular BTC exchanges that operate mainly in this region, followed by CoinMama and prepaidbtc.ph Users could also buy bitcoin from exchanges such as Coinage, BTCExchange & Wall of Coins. One of the easiest methods for buying bitcoin in the Philippines is through Peer-to-Peer exchange such as Paxful or Localbitcoins. Keep in mind to only trade with sellers who have 100% clean history and never complete escrow before receiving what you paid for. If you feel like the seller is being dishonest then cut the communication, mark order as paid and report to support. You could also check for the nearest BTC ATM's by visiting CoinATMRadar.com
Online Gambling in the Philippines
You are out of luck if you are a Flipino looking for a regulated online gambling site because only licenses that the Philippines government issues are the ones that restrict providers from offering any services to the Pinoys. The license is valuable because it permits you to offer games to Asian market but doesn't help our beloved nation of the Philippines. If you cannot control your gambling urge then you should take a closer look at some of our trusted bitcoin casino reviews and find an anonymous offshore casino for yourself!