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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Licences

What it takes to operate in the Philippines: 2 licences, who issues each, what it covers and who holds one.

Virtual Asset Service Provider (VASP) Certificate of Authority

BSP · BSP Circular 1108 (2021); Manual of Regulations for Non-Bank Financial Institutions

Exchange between virtual assets and fiat, exchange between virtual assets, transfer of virtual assets and safekeeping or administration of virtual assets.

What it takes

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 include

9holders, 15 Jul 2026Register

Crypto-Asset Service Provider (CASP) registration

SEC · Securities Regulation Code; SEC Memorandum Circulars 4 and 5, Series of 2025

Platforms and intermediaries offering crypto-asset services or crypto assets that are securities to the Philippine public, including offshore providers soliciting Filipinos.

What it takes

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

No public count

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