The Philippine crypto trading community has backed tighter regulatory controls proposed by the Bangko Sentral ng Pilipinas (BSP), while warning that stronger oversight alone will not shield investors from losses in the digital asset market.
Arlone Abello, CEO of Global Miranda Miner Group (GMMG) and founding chairman of the Innovative Movement of the Philippine Association of Crypto Traders (IMPACT), said stricter rules covering payment operators and virtual asset service providers (VASPs) could improve accountability and traceability in the industry.
“A pause on new licenses and closer controls on virtual asset service providers are not a step back for crypto. They are what happens when an industry grows up,” Abello said.
“When every payment can be traced to a real business, users, banks and partners can deal with crypto platforms with the same confidence they have in any other financial service. That is how the industry earns its place in mainstream finance. Our job now is to make sure users mature at the same pace.”
Abello made the remarks during The Crypto Roundtable, where he was joined by John Garcia, head of Strategic and Market Education Ventures at GCash; Alden Yburan, head of GCrypto; and Patrick Lao, head of Retail at PDAX.
The BSP earlier in September released for consultation a draft circular that would suspend new registrations of Operators of Payment Systems (OPS) for 12 months while the central bank reviews its licensing framework.
The proposed rules would also require payment firms to transact with regulated VASPs only through direct arrangements, alongside enhanced due diligence, monitoring, and transaction and settlement limits.
Abello said the tighter framework could strengthen safeguards but stressed that regulation does not eliminate the risks associated with crypto trading.
He said financial and market literacy must develop alongside regulation, particularly as more Filipinos enter the digital asset market.
“Reaching this level of participation shows that crypto is no longer just a niche interest. As the ecosystem grows, users also need to become more disciplined in how they understand risks, manage exposure, and make decisions in the market,” Abello said.
GMMG said the profile of crypto participants in the Philippines has also changed since the play-to-earn boom that helped drive earlier adoption.
According to Abello, the market now includes traders coming from traditional assets such as gold and equities, professionals applying conventional investment strategies to digital assets, and younger investors incorporating crypto into broader financial plans.
The group expects participation to increase further if the global crypto market continues to recover, making investor education on risk management and leveraged trading increasingly important.
GMMG said it plans to work with industry participants and regulators on educational initiatives covering technical analysis, risk management, market behavior, and trading discipline.
