How is crypto regulated in the Philippines?

Crypto regulation in the Philippines splits the work between two agencies. The Bangko Sentral ng Pilipinas (BSP) oversees crypto used mainly for payments and the firms that exchange, transfer or hold it, while the Securities and Exchange Commission (SEC) oversees crypto treated as securities or investment products. For the basic question of legality, see is crypto legal in the Philippines.

How does the BSP VASP license work?

The BSP's rules are in Circular No. 1108, issued on January 26, 2021. It defines a virtual asset service provider (VASP) as a business that exchanges crypto for pesos or other crypto, transfers it, or keeps it for customers. Such firms need a Certificate of Authority from the BSP.

Licensed VASPs must meet the BSP's IT and cybersecurity standards, including multi-factor authentication and at least yearly penetration tests, and run customer protection programs. Transfers of ₱50,000 or more are treated like cross-border wire transfers, so sender and recipient details must travel with them. That is the local form of the crypto travel rule.

New licences are hard to get. The BSP first paused new VASP applications in 2022, and in September 2025 it extended that moratorium for an indefinite period, citing consumer protection and financial stability. It said it would review the pause from time to time and urged the public to check the BSP website for a provider's status.

What are the SEC Philippines crypto rules?

The SEC issued Memorandum Circulars No. 4 and No. 5 of 2025, the CASP Rules and CASP Guidelines, on May 30, 2025. They took effect on July 5, 2025, BitPinas reported. According to the Manila Bulletin, a CASP must:

• be a Philippine corporation with at least ₱100 million in paid-up capital, not counting crypto
• keep a staffed physical office and a local data center
• separate customer crypto from its own assets, legally and operationally
• file regular reports on users and daily trading

Crypto assets cannot be offered to the public without a disclosure document filed with and approved by the SEC, published at least 30 days before marketing begins. Third parties that promote crypto services, such as marketers, also fall under the rules, though good-faith education does not count as marketing. Whether a token is a security is explained in is crypto a security.

What penalties does the crypto law in the Philippines set?

The SEC can refuse, suspend or withdraw a CASP's authorisation and act against unregistered firms. Willful violations can bring one to five years in prison or a fine of ₱50,000 to ₱10 million. CASPs are also covered persons under the Anti-Money Laundering Act, supervised by the SEC and the Anti-Money Laundering Council. How the SEC has used these powers against offshore exchanges is covered in the legality guide. Tax treatment is in how crypto is taxed in the Philippines.

Rules differ by country and change often. Check the BSP, the SEC or a qualified professional for your own situation.