Is crypto legal in the Philippines?

Crypto is legal in the Philippines, and as of October 2026 two regulators oversee the businesses that offer it. The Bangko Sentral ng Pilipinas (BSP) licenses exchanges and wallets as virtual asset service providers. The Securities and Exchange Commission (SEC) regulates crypto offerings and trading platforms under rules introduced in 2025.

Is bitcoin legal in the Philippines?

Yes. The BSP says virtual assets such as bitcoin are not issued or guaranteed by any government and have no legal tender status. They can still be bought, held and transferred. In other words, the peso is the only money that must be accepted, but individuals are free to own crypto.

Which crypto exchange is legal in the Philippines?

A platform needs two sets of approvals to serve Filipinos legally.

1. BSP license. The BSP defines a virtual asset service provider (VASP) as a business that exchanges crypto for pesos or other crypto, transfers it, or holds it for customers. These firms need a Certificate of Authority, and the BSP publishes a list of registered providers on its website. It paused new applications for three years from September 1, 2022, and had 19 licensed VASPs at the time, Forkast reported.
2. SEC registration. SEC Memorandum Circulars No. 4 and No. 5 of 2025, the crypto-asset service provider (CASP) rules, took effect on July 5, 2025, BitPinas reported. Broadly, crypto used for payments falls under the BSP and crypto treated as a security or investment product falls under the SEC. The question of when a token counts as a security is explained in is crypto a security?

Under the SEC rules, a CASP must be a Philippine corporation with at least ₱100 million in paid-up capital, not counting crypto, and a staffed local office, according to the Manila Bulletin. Firms must keep client crypto separate from their own and report wallet addresses and finances to the SEC every month.

Is crypto trading legal in the Philippines on foreign exchanges?

Trading is legal, but offshore exchanges without Philippine registration are not allowed to solicit users. On August 1, 2025, the SEC issued an advisory naming ten unregistered platforms: OKX, Bybit, KuCoin, Kraken, MEXC, Bitget, Phemex, CoinEx, BitMart and Poloniex. Within days PLDT, Smart and Globe had cut access to them, BitPinas reported. IDN Financials described it as the largest action since Binance was blocked in 2024. See why is Binance banned in some countries?

Violations can bring SEC fines, suspension of registration and criminal charges for willful breaches. Users of blocked platforms lose the protection that local supervision is meant to offer. Before using any exchange, check the BSP and SEC lists, and read how to spot a fake crypto exchange.

How gains are taxed is covered separately in how is crypto taxed in the Philippines?

Rules differ by country and change often. Check the regulator's website or a qualified professional for your own situation.