# Philippines crypto regulation From the Four Pillars Asia Digital Asset Policy Center. Cite as: Four Pillars Asia Digital Asset Policy Center, "Philippines crypto regulation", reviewed 2026-10-05, https://policy.4pillars.io/philippines. Free to reuse with attribution: cite "Four Pillars Asia Digital Asset Policy Center" and link to the page the fact comes from (each market has its own URL), and to the primary source where one is given. Terms: https://policy.4pillars.io/developers#attribution Page: https://policy.4pillars.io/philippines Region: Southeast Asia. Last reviewed: 2026-10-05. > An early crypto licensor that shut the door: BSP has frozen new VASP licences since 2022 while the SEC builds a parallel regime. 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. 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. ### Snapshot - Exchange licensing: Partial. BSP VASP regime in force since 2021, but no new licences issued since the September 2022 moratorium - Stablecoin regime: Developing. No stablecoin law; peso stablecoins such as PHPC have been tested through BSP's regulatory sandbox - Tokenisation & RWA: Developing. SEC CASP rules (2025) cover crypto-asset securities; no tokenised securities market yet - Retail access: Comprehensive. Retail buys onshore through BSP-listed VASPs such as Coins.ph and PDAX; Binance has been blocked - Tax clarity: Developing. No crypto-specific tax rules; general income and business tax principles apply ### Quick answers **Is crypto legal in Philippines?** Yes. Individuals can buy and sell crypto onshore through licensed providers. Retail buys onshore through BSP-listed VASPs such as Coins.ph and PDAX; Binance has been blocked. Four Pillars rates retail access in the Philippines as comprehensive (reviewed 5 Oct 2026). **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. ### Key numbers - 9 VASPs on BSP's official list (including 2 banks) (as of 2026-07-15) - 4 years Freeze on new non-bank VASP licences (since 1 Sept 2022) (as of 2026-10-05) - ₱50M Minimum capital for a BSP VASP offering custody (as of 2021-01-26) - 2017 Year BSP began registering crypto exchanges (as of 2017-02-06) ### 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 ### Regulators - **BSP**, Bangko Sentral ng Pilipinas: Central bank; licenses VASPs for crypto exchange, transfer and custody. 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. 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. - **SEC**, Securities and Exchange Commission: Regulates crypto-asset service providers and crypto assets that are securities under the 2025 CASP rules. Registers companies and regulates the securities market under the Securities Regulation Code, overseeing public offerings, brokers, exchanges and investment products. 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. - **AMLC**, Anti-Money Laundering Council: Financial intelligence unit; VASPs are covered persons under the AMLA since 2021. 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. 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. - **BIR**, Bureau of Internal Revenue: Tax authority; no crypto-specific rules issued so far. 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. Has issued no crypto-specific tax rules. Income and gains from crypto fall under general income and business tax principles. ### Licences #### Virtual Asset Service Provider (VASP) Certificate of Authority - Regulator: BSP - Legal basis: BSP Circular 1108 (2021); Manual of Regulations for Non-Bank Financial Institutions - Covers: Exchange between virtual assets and fiat, exchange between virtual assets, transfer of virtual assets and safekeeping or administration of virtual assets. - Requirements: Minimum capital of ₱50 million if offering custody, ₱10 million otherwise; AML/CFT program, travel rule compliance and registration with the AMLC; Cybersecurity and IT risk management framework; Consumer protection, disclosure and complaints handling; New applications frozen since 1 September 2022 (M-2022-035, extended by M-2025-031); Coin and token listing due diligence on six pillars; privacy coins barred (M-2026-023) - Holders: 9 (as of 2026-07-15) - Notable holders: Coins.ph (Betur Inc.), PDAX (Philippine Digital Asset Exchange), Maya Philippines, GoTyme Bank, UnionBank of the Philippines, Moneybees Forex - Official register: - Page: https://policy.4pillars.io/philippines/licences#lic-1 #### Crypto-Asset Service Provider (CASP) registration - Regulator: SEC - Legal basis: Securities Regulation Code; SEC Memorandum Circulars 4 and 5, Series of 2025 - Covers: Platforms and intermediaries offering crypto-asset services or crypto assets that are securities to the Philippine public, including offshore providers soliciting Filipinos. - Requirements: Incorporation in the Philippines and SEC registration before offering services; Minimum paid-up capital of ₱100 million, excluding crypto-assets, and a physical office in the Philippines; Legal and operational segregation of client crypto-assets; Disclosure, marketing and conduct rules for crypto-asset offerings - Page: https://policy.4pillars.io/philippines/licences#lic-2 ### Timeline - 2017-02-06: BSP issues virtual currency exchange guidelines. Circular 944 required crypto exchanges to register with BSP as remittance and transfer companies. - 2021-01-26: Circular 1108 creates the VASP licence. BSP replaced Circular 944 with FATF-aligned rules for exchange, transfer and custody of virtual assets. - 2021-01-29: VASPs become AML covered persons. Republic Act 11521 amended the Anti-Money Laundering Act to cover virtual asset service providers. - 2022-09-01: Three-year moratorium on new VASP licences begins. BSP closed the door to new applicants under Memorandum M-2022-035. - 2022-11: Treasury issues tokenised government bonds. The Bureau of the Treasury sold ₱15 billion of tokenised treasury bonds to institutional investors. - 2023-11-28: 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. - 2024-03-25: SEC proceeds with blocking Binance. The SEC asked the telecoms regulator to block Binance websites after a three-month grace period. - 2025-05-30: SEC issues crypto-asset service provider rules. Memorandum Circulars 4 and 5 of 2025 set registration and conduct rules for CASPs. - 2025-08-01: SEC targets unregistered offshore crypto platforms. An SEC advisory named ten unregistered platforms, including OKX, Bybit, KuCoin and Kraken, and warned of sanctions. - 2025-08-20: BSP extends the VASP moratorium indefinitely. The Monetary Board kept the freeze from 1 September 2025, citing consumer protection and cybercrime. - 2026-06-05: BSP issues coin and token listing guidelines. Memorandum M-2026-023 set six-pillar listing due diligence and banned privacy coins. ### Primary sources - [Exposure Draft: Circular on Regulations to Strengthen Integrity Controls in Payment Transactions](https://www.bsp.gov.ph/Regulations/Issuances%20of%20Policy%20Exposure%20Drafts/Draft_Circular-on-Regulations-to-Strengthen-Integrity-Controls-in-Payment-Transaction.pdf). Bangko Sentral ng Pilipinas (BSP), 2026-09-03, consultation. Draft amendments to the payment systems manual that would let merchant acquirers onboard virtual asset service providers, alongside casinos and money service businesses, only under direct merchant arrangements with enhanced due diligence. It would also pause new payment system operator registrations for 12 months; comments closed on 1 October 2026. - [List of Virtual Asset Service Providers (VASP) as of 15 July 2026](https://www.bsp.gov.ph/Lists/Directories/Attachments/19/VASP.pdf). Bangko Sentral ng Pilipinas (BSP), 2026-07-15, guidance. BSP's official register of VASPs, split into active non-bank, inactive non-bank and bank VASPs. Nine entities are listed, two of them banks. - [Memorandum No. M-2026-023: Coin/Token Listing Guidelines](https://www.bsp.gov.ph/Regulations/Issuances/2026/M-2026-023.pdf). Bangko Sentral ng Pilipinas (BSP), 2026-06-05, guidance. Requires VASPs to vet tokens on six pillars, from issuer background to reserves, and to set delisting triggers. Bans listing of privacy coins. - [Memorandum No. M-2025-031: Continued Enforcement of the Moratorium on the Issuance of New Licenses for VASP](https://www.bsp.gov.ph/Regulations/Issuances/2025/M-2025-031.pdf). Bangko Sentral ng Pilipinas (BSP), 2025-08-20, in force. Under Monetary Board Resolution 848 of 20 August 2025, the freeze on new VASP licences continues from 1 September 2025 with no end date, subject to reassessment. - [SEC Advisory on Unregistered Crypto Platforms](https://www.sec.gov.ph/wp-content/uploads/2025/08/2025Advisory-UnregisteredCryptoPlatforms.pdf). Securities and Exchange Commission (SEC), 2025-08-01, guidance. Named ten offshore crypto platforms, including OKX, Bybit, KuCoin and Kraken, soliciting Filipinos without registration under the new CASP rules, and warned of sanctions and blocking. - [SEC Memorandum Circular No. 4, Series of 2025: The SEC Rules on Crypto-Asset Service Providers (SEC CASP Rules)](https://www.sec.gov.ph/mc-2025/sec-mc-no-04-series-of-2025the-sec-rules-on-crypto-asset-service-providers-sec-casp-rules/). Securities and Exchange Commission (SEC), 2025-05-30, in force. Signed on 30 May 2025 and effective 30 days after newspaper publication, it brings crypto-asset service providers dealing with Filipinos, including offshore platforms that solicit them, under SEC licensing, and sets disclosure, marketing, AML and enforcement rules for crypto-asset offerings. - [SEC Memorandum Circular No. 5, Series of 2025: Guidelines on the Operations of Crypto-Asset Service Providers](https://www.sec.gov.ph/mc-2025/sec-mc-no-05-series-of-2025the-sec-guidelines-on-the-operations-of-crypto-assets-service-providers-sec-casp-rules/). Securities and Exchange Commission (SEC), 2025-05-30, in force. Companion guidelines, also dated 30 May 2025, that set registration conditions (a Philippine corporation with at least ₱100 million paid-up capital, excluding crypto-assets, and a staffed local office) and operating rules, including legal and operational segregation of client crypto-assets, disclosure and marketing. - [SEC Proceeds With Blocking of Binance](https://www.sec.gov.ph/pr-2024/sec-proceeds-with-blocking-of-binance/). Securities and Exchange Commission (SEC), 2024-03-25, guidance. Announced the request to block Binance websites in the Philippines, the country's first large-scale block of an offshore exchange. - [SEC Advisory Against Binance](https://www.sec.gov.ph/wp-content/uploads/2023/11/2023Advisory-against-Binance.pdf). Securities and Exchange Commission (SEC), 2023-11-28, guidance. Dated 28 November 2023, it warned that Binance, which is not registered as a Philippine corporation, was not authorised to sell or offer securities in the Philippines while promoting its platform to Filipinos on social media. A website block followed in 2024. - [Circular No. 1153, Series of 2022: Regulatory Sandbox Framework](https://www.bsp.gov.ph/Regulations/Issuances/2022/1153.pdf). Bangko Sentral ng Pilipinas (BSP), 2022-08-18, in force. Formalised BSP's test-and-learn sandbox, approved by the Monetary Board on 18 August 2022. It is the channel for pilots such as peso-backed stablecoins, which have no standalone legal regime. - [Memorandum No. M-2022-035: Modified Approach in the Grant of VASP Licenses](https://www.bsp.gov.ph/Regulations/Issuances/2022/M-2022-035.pdf). Bangko Sentral ng Pilipinas (BSP), 2022-08-10, superseded. Imposed a three-year moratorium on new VASP licence applications from 1 September 2022. BSP-supervised institutions with acceptable risk ratings could still apply. - [Republic Act No. 11765: Financial Products and Services Consumer Protection Act](https://www.officialgazette.gov.ph/2022/05/06/republic-act-no-11765/). Congress of the Philippines (Official Gazette), 2022-05-06, in force. Gives BSP and the SEC market conduct powers, including restitution and penalties, over the financial products their supervised entities offer. This reaches BSP-licensed VASPs. - [Republic Act No. 11521 amending the Anti-Money Laundering Act of 2001](https://www.officialgazette.gov.ph/2021/01/29/republic-act-no-11521/). Congress of the Philippines (Official Gazette), 2021-01-29, in force. Signed 29 January 2021, adding virtual asset service providers to the list of AML covered persons. VASPs must register with the AMLC, apply customer due diligence and file suspicious transaction reports. - [Circular No. 1108, Series of 2021: Guidelines for Virtual Asset Service Providers (VASP)](https://www.bsp.gov.ph/Regulations/Issuances/2021/1108.pdf). Bangko Sentral ng Pilipinas (BSP), 2021-01-26, in force. The core VASP regime: a Certificate of Authority for exchange, transfer and custody services. Minimum capital is ₱50 million with custody and ₱10 million without, plus AML, travel rule, cybersecurity and consumer protection duties. - [Circular No. 944, Series of 2017: Guidelines for Virtual Currency (VC) Exchanges](https://www.bsp.gov.ph/Regulations/Issuances/2017/c944.pdf). Bangko Sentral ng Pilipinas (BSP), 2017-02-06, superseded. BSP's first crypto rule, approved 19 January 2017, required VC exchanges to obtain a certificate of registration. Replaced by Circular 1108 in 2021.