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Manila Bulletin devider Business devider Philippines attracts US crypto giant: Coinbase explores market entry

Philippines attracts US crypto giant: Coinbase explores market entry

Published Jan 22, 2025 06:21 am

Coinbase, a leading cryptocurrency exchange platform, is exploring expansion into the Philippines, according to the Department of Finance (DOF).

In a Facebook post, the DOF stated that Finance Secretary Ralph Recto met with Coinbase co-founder and CEO Brian Armstrong during the World Economic Forum (WEF) in Davos.

The DOF reported that Coinbase expressed interest in the Philippine market, driven by the country's burgeoning digital economy and increasing adoption of blockchain technology.

As one of the top cryptocurrency companies in the United States, Coinbase's interest was welcomed by Recto, who serves as President Marcos’ Special Envoy and Head of the Philippine delegation to WEF.

He emphasized the government's commitment to fostering innovation in the financial sector while ensuring a regulatory framework that balances cryptocurrency adoption with consumer protection and financial stability.

This meeting reflects the Philippines' proactive approach to attracting investments in the digital asset space, with Recto highlighting the importance of securing investments that will fuel the country’s continued economic growth.

On Tuesday, Recto said young Filipinos are investing in cryptocurrencies at a level comparable to the government's national budget, and this trend is likely to grow further with potentially supportive Trump policies.

“In the Philippines, many Filipinos have already invested in cryptocurrency, with investments amounting to around six trillion pesos,” Recto during an interview with Bloomberg TV.

This figure matches the recently signed 2025 national budget of P6.236 trillion, excluding items vetoed by the president. In terms of Bitcoin value, it would take approximately 1,066,006 BTC—currently valued at this level—to fund the country’s projects, programs, and activities (PPAs) for this year.

According to Recto, the volume of crypto investments is significant “because we have a young population. The Philippines’ average age is about 25 years, and they’re interested in crypto,” adding that the majority of the population speaks English—the language used in the crypto market.

General expectations suggest that Donald Trump’s return to the White House might not threaten the crypto trend, as his regulations are likely to be pro-crypto.

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Finance Secretary ralph recto Department of Finance (DOF)
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