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PayMaya, Philippines-based Top Payment App, Launches Crypto Feature

Popular Philippines-based payment platform, PayMaya recently announced a new crypto feature on its app. This feature would allow app users to trade digital assets with the app. PayMaya is using this feature to pave the way for newbies who want to enter the market. 

Rolling out this feature will enable PayMaya to simplify crypto activities for Filipinos. As a result, Filipinos would be able to use cryptocurrencies without needing crypto exchanges. This way, they escape the KYC hurdles that come with using exchanges and wallets.   

Filipinos are Embracing Cryptocurrency

ASEAN countries have shown growing interest in cryptocurrencies in recent years. And the Philippines is leading the pack. Last January, the country’s central bank expanded its crypto regulations after seeing heightened crypto activity in the country. The new regulatory framework focused on combating money laundering, terrorism financing, and proliferation financing. 

Later in August, the Philippine Department of Finance asked Axie Infinity players and other play-to-earn gamers to pay taxes on their profits. This meant that the country recognized cryptocurrencies as legal assets. According to Antonette Tionko, the country’s Finance Undersecretary:

Cryptocurrency is an asset, so it’s already taxable in the Philippines […] whoever earns currency from it, it’s income you should report it.”

This heightened crypto activity is also the reason for PayMaya’s new app feature. Weighing in on the new development, PayMaya’s president, Shailesh Baidwan, said:

With the PayMaya e-wallet already a part of their everyday life for daily purchases and transactions, our customers now want to be able to buy and earn crypto smartly and seamlessly. That is why we are making it an integrated feature in our e-wallet app.”’

PayMaya users with upgraded accounts can directly exchange Bitcoin (BTC) and Ethereum (ETH) for Philippine pesos. They can also trade Cardano (ADA), Chainlink (LINK), Polkadot (DOT), Polygon (MATIC), Quant (QNT), Solana (SOL), and UniSwap (UNI).

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With over 40 million registered users, PayMaya has a license from the Philippines’ Central Bank. Lastly, it serves as a digital payment provider, virtual money issuer, and virtual asset services provider.

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