Philippines
PhilippinesAn early crypto licensor that shut the door: BSP has frozen new VASP licences since 2022 while the SEC builds a parallel regime.
Key Regulatory Progress
Every law, rule and official guide on crypto in Philippines: 7 apply today, and the rest show what's coming and how regulators read the rules. Each is explained in plain words and linked to the official original.
Last checked against the originals on 5 Oct 2026.
Core framework
The primary statutes that define crypto assets and who may deal in them.
- In forceApplies today
Circular No. 1108, Series of 2021: Guidelines for Virtual Asset Service Providers (VASP)
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.
Read the original
Exchanges & custody
Licensing, conduct and custody rules for trading platforms and service providers.
- In forceApplies today
Memorandum No. M-2025-031: Continued Enforcement of the Moratorium on the Issuance of New Licenses for VASP
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.
Read the original - GuidanceNot binding law
List of Virtual Asset Service Providers (VASP) as of 15 July 2026
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.
Read the original - SupersededReplaced
Memorandum No. M-2022-035: Modified Approach in the Grant of VASP Licenses
Imposed a three-year moratorium on new VASP licence applications from 1 September 2022. BSP-supervised institutions with acceptable risk ratings could still apply.
Read the original - SupersededReplaced
Circular No. 944, Series of 2017: Guidelines for Virtual Currency (VC) Exchanges
BSP's first crypto rule, approved 19 January 2017, required VC exchanges to obtain a certificate of registration. Replaced by Circular 1108 in 2021.
Read the original
Stablecoins & payments
Issuance, reserve and redemption rules for fiat-referenced tokens and payment tokens.
- In forceApplies today
Circular No. 1153, Series of 2022: Regulatory Sandbox Framework
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.
Read the original
Tokenisation & securities
Security tokens, RWA, funds and ETFs.
- In forceApplies today
SEC Memorandum Circular No. 4, Series of 2025: The SEC Rules on Crypto-Asset Service Providers (SEC CASP Rules)
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.
Read the original - In forceApplies today
SEC Memorandum Circular No. 5, Series of 2025: Guidelines on the Operations of Crypto-Asset Service Providers
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.
Read the original
AML & travel rule
Anti-money-laundering obligations and the FATF travel rule.
- In forceApplies today
Republic Act No. 11521 amending the Anti-Money Laundering Act of 2001
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.
Read the original - ConsultationDraft out for comment
Exposure Draft: Circular on Regulations to Strengthen Integrity Controls in Payment Transactions
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.
Read the original
Investor protection
Market abuse, disclosure, advertising and retail safeguards.
- In forceApplies today
Republic Act No. 11765: Financial Products and Services Consumer Protection Act
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.
Read the original - GuidanceNot binding law
Memorandum No. M-2026-023: Coin/Token Listing Guidelines
Requires VASPs to vet tokens on six pillars, from issuer background to reserves, and to set delisting triggers. Bans listing of privacy coins.
Read the original - GuidanceNot binding law
SEC Advisory on Unregistered Crypto Platforms
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.
Read the original - GuidanceNot binding law
SEC Proceeds With Blocking of Binance
Announced the request to block Binance websites in the Philippines, the country's first large-scale block of an offshore exchange.
Read the original - GuidanceNot binding law
SEC Advisory Against Binance
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.
Read the original
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