Philippine Central Bank restricts bank transfers to Coins.ph platform

Coins.ph: Coins.ph is a leading homegrown cryptocurrency platform in the Philippines that provides users with trading, digital asset wallets, and e-wallet services. The platform operates through two distinct licensed entities to separate its crypto trading and fiat payment functions. It is currently navigating regulatory restrictions on inbound bank transfers to its e-money operations while maintaining merchant payment capabilities. DCPay Philippines: DCPay Philippines Inc. is the electronic money issuer licensed by the Bangko Sentral ng Pilipinas that manages peso wallet balances, bank integrations, and fiat payment processing for the Coins.ph platform. It serves as the operator behind Coins.ph's e-wallet features and has been directly targeted by a partial suspension on inbound transfers. The entity retains authorization for outbound transactions and retail merchant payments during the restriction period. Bangko Sentral ng Pilipinas: Bangko Sentral ng Pilipinas is the central bank of the Philippines responsible for overseeing monetary policy, financial stability, and payment system regulations. It has issued a directive through Monetary Board Resolution No. 839 that partially suspends inbound InstaPay and PESONet transfers to DCPay Philippines. The action focuses on specific clearinghouse activities while preserving other payment functions. Philippine Payments Management Inc.: Philippine Payments Management Inc. manages the national payment network and automated clearinghouses in the Philippines, including InstaPay and PESONet systems. It issued PPMI Advisory No. 2026-0929-029 to notify financial institutions of the Bangko Sentral ng Pilipinas directive regarding DCPay Philippines. The advisory mandates immediate implementation across the payment network. Payments: Coins.ph users retain the ability to make person-to-merchant payments and scan QRPh codes at retail locations using existing account balances despite the inbound transfer suspension. Regulation: The Bangko Sentral ng Pilipinas directive specifically targets only the e-money issuer operations of DCPay Philippines while leaving the separately licensed cryptocurrency trading entity unaffected. Integration: The platform has expanded its QRPh capabilities to enable direct spending of cryptocurrency balances at participating merchants, with such transactions remaining fully operational under the current restrictions.