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Philippines

An early crypto licensor that shut the door: BSP has frozen new VASP licences since 2022 while the SEC builds a parallel regime.

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9VASPs on BSP's official list (including 2 banks)
4 yearsFreeze on new non-bank VASP licences (since 1 Sept 2022)
₱50MMinimum capital for a BSP VASP offering custody

The Philippines was one of Asia's first movers.

In 2017 the central bank, Bangko Sentral ng Pilipinas (BSP), began registering virtual currency exchanges as remittance-style businesses under Circular 944.

In 2021 Circular 1108 replaced that with a full Virtual Asset Service Provider (VASP) licence covering exchange, transfer and custody.

Remittances, mobile wallets and play-to-earn gaming made crypto mainstream fast.

Read the full story

The turning point came in 2022.

Worried about consumer harm and cybercrime, BSP stopped accepting new VASP licence applications from 1 September 2022 for three years.

In August 2025 it kept the freeze in place with no end date.

The market is now a closed club of nine BSP-listed VASPs, including Coins.ph, PDAX, Maya, GoTyme Bank and UnionBank.

The Securities and Exchange Commission has become the second front.

It moved against Binance in November 2023 and had its website blocked in 2024.

In 2025 it issued its own Crypto-Asset Service Provider (CASP) rules, SEC Memorandum Circulars 4 and 5, and warned the public against unregistered offshore platforms.

BSP has tightened conduct rules too: its June 2026 token listing guidelines require six-pillar due diligence and ban privacy coins.

For builders, the Philippines is a large, crypto-literate market that is hard to enter.

Only well-rated BSP-supervised institutions such as banks can still apply for a VASP licence, so for everyone else the practical routes are partnering with an incumbent or entering the BSP or SEC sandbox.

Stablecoins and tax remain gaps.

There is no dedicated stablecoin law, and no crypto-specific tax regime.

Who regulates

  • BSPBangko Sentral ng Pilipinas

    In charge of

    Central bank of the Philippines under the New Central Bank Act. It sets monetary policy, supervises banks and non-bank financial institutions, and oversees payment systems.

    On crypto

    Licenses VASPs for exchange, transfer and custody under Circular 1108 (2021), with ₱50 million capital if offering custody. New licences have been frozen since 1 September 2022, with no end date since August 2025; nine VASPs are listed. Its June 2026 listing rules ban privacy coins.

    BSP website
  • SECSecurities and Exchange Commission

    In charge of

    Registers companies and regulates the securities market under the Securities Regulation Code, overseeing public offerings, brokers, exchanges and investment products.

    On crypto

    Registers crypto-asset service providers, including offshore platforms serving Filipinos, under its 2025 CASP Rules (Memorandum Circulars 4 and 5). It declared Binance unregistered in November 2023, moved to block it in 2024 and warned against other unregistered platforms in August 2025.

    SEC website
  • AMLCAnti-Money Laundering Council

    In charge of

    The Philippines' financial intelligence unit and AML authority under the Anti-Money Laundering Act of 2001. It receives transaction reports, investigates money laundering and terrorist financing, and can seek asset freezes.

    On crypto

    Since Republic Act 11521 of January 2021, VASPs are covered persons: they must register with the AMLC, apply customer due diligence and file suspicious transaction reports.

    AMLC website
  • BIRBureau of Internal Revenue

    In charge of

    The national tax agency under the Department of Finance. It assesses and collects internal revenue taxes such as income tax, VAT and documentary stamp tax.

    On crypto

    Has issued no crypto-specific tax rules. Income and gains from crypto fall under general income and business tax principles.

    BIR website

What to watch

  • Whether BSP lifts or narrows the open-ended moratorium on new VASP licences
  • SEC registrations under the 2025 CASP rules and enforcement against offshore exchanges
  • Whether peso stablecoins first tested in BSP's sandbox, such as Coins.ph's PHPC, lead to a formal stablecoin framework
  • BSP's September 2026 draft circular on payment integrity, which would require direct merchant arrangements for VASPs and pause new payment system operator registrations for 12 months
  • Any crypto-specific tax rules from the BIR or Congress

Quick answers

Who regulates crypto in Philippines?

Four authorities shape crypto rules in the Philippines. BSP (Bangko Sentral ng Pilipinas): central bank; licenses VASPs for crypto exchange, transfer and custody. SEC (Securities and Exchange Commission): regulates crypto-asset service providers and crypto assets that are securities under the 2025 CASP rules. AMLC (Anti-Money Laundering Council): financial intelligence unit; VASPs are covered persons under the AMLA since 2021. BIR (Bureau of Internal Revenue): tax authority; no crypto-specific rules issued so far.

Do crypto exchanges need a licence in Philippines?

Yes, though the regime is narrow or still phasing in. BSP VASP regime in force since 2021, but no new licences issued since the September 2022 moratorium. The main licences are Virtual Asset Service Provider (VASP) Certificate of Authority from BSP, held by 9 as of 15 Jul 2026; and Crypto-Asset Service Provider (CASP) registration from SEC. Four Pillars rates exchange licensing in the Philippines as partial (reviewed 5 Oct 2026).

Are stablecoins regulated in Philippines?

Not fully yet: the regime is being built. No stablecoin law; peso stablecoins such as PHPC have been tested through BSP's regulatory sandbox. The most recent official text is Circular No. 1153, Series of 2022: Regulatory Sandbox Framework (Bangko Sentral ng Pilipinas (BSP), 18 Aug 2022, in force). Four Pillars rates its stablecoin regime in the Philippines as developing (reviewed 5 Oct 2026).

How is crypto taxed in Philippines?

No crypto-specific tax rules; general income and business tax principles apply. Four Pillars rates tax clarity in the Philippines as developing (reviewed 5 Oct 2026).

Can real-world assets be tokenised in Philippines?

Not fully yet: the regime is being built. SEC CASP rules (2025) cover crypto-asset securities; no tokenised securities market yet. Four Pillars rates tokenisation and real-world assets in the Philippines as developing (reviewed 5 Oct 2026).

What changed most recently in Philippines's crypto rules?

5 Jun 2026: BSP issues coin and token listing guidelines. Memorandum M-2026-023 set six-pillar listing due diligence and banned privacy coins. 20 Aug 2025: BSP extends the VASP moratorium indefinitely. The Monetary Board kept the freeze from 1 September 2025, citing consumer protection and cybercrime.

What should companies watch next in Philippines?

Whether BSP lifts or narrows the open-ended moratorium on new VASP licences. SEC registrations under the 2025 CASP rules and enforcement against offshore exchanges. Whether peso stablecoins first tested in BSP's sandbox, such as Coins.ph's PHPC, lead to a formal stablecoin framework.

Timeline

  1. BSP issues coin and token listing guidelines

    Memorandum M-2026-023 set six-pillar listing due diligence and banned privacy coins.

  2. BSP extends the VASP moratorium indefinitely

    The Monetary Board kept the freeze from 1 September 2025, citing consumer protection and cybercrime.

  3. SEC targets unregistered offshore crypto platforms

    An SEC advisory named ten unregistered platforms, including OKX, Bybit, KuCoin and Kraken, and warned of sanctions.

  4. SEC issues crypto-asset service provider rules

    Memorandum Circulars 4 and 5 of 2025 set registration and conduct rules for CASPs.

  5. SEC proceeds with blocking Binance

    The SEC asked the telecoms regulator to block Binance websites after a three-month grace period.

  6. SEC warns the public against Binance

    The SEC said Binance was not authorised to sell or offer securities in the Philippines and moved to block access.

  7. Treasury issues tokenised government bonds

    The Bureau of the Treasury sold ₱15 billion of tokenised treasury bonds to institutional investors.

  8. Three-year moratorium on new VASP licences begins

    BSP closed the door to new applicants under Memorandum M-2022-035.

  9. VASPs become AML covered persons

    Republic Act 11521 amended the Anti-Money Laundering Act to cover virtual asset service providers.

  10. Circular 1108 creates the VASP licence

    BSP replaced Circular 944 with FATF-aligned rules for exchange, transfer and custody of virtual assets.

  11. BSP issues virtual currency exchange guidelines

    Circular 944 required crypto exchanges to register with BSP as remittance and transfer companies.

Cite this page: Four Pillars Asia Digital Asset Policy Center, “Philippines crypto regulation”, reviewed 5 Oct 2026, https://policy.4pillars.io/philippines. Free to reuse with attribution; also as markdown and JSON.

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