Philippines crypto regulations: who regulates what, and what it means for you

Reviewed by the Crypto Philippines Editorial TeamUpdated September 28, 2026 · 14 min read

Yes, crypto is legal in the Philippines. You may buy, hold, sell and send it. Philippines crypto regulations target the businesses instead: the BSP licenses exchanges that swap pesos for crypto, the SEC registers crypto-asset service providers and polices their marketing, and the AMLC makes both report suspicious transactions. No single "crypto law" exists; it is a patchwork of circulars.

That patchwork is why the same question gets five different answers online. This guide puts the pieces in order: which agency does what, which instrument they rely on, how the rules got here, and what each rule changes for you when you open an app, cash in through GCash or send USDT to a friend. We quote circular numbers and dates from the official texts where we could read them, and say so plainly where we could not.

Who regulates crypto in the Philippines

Think of it as three layers. The BSP decides who may run a crypto business that touches pesos. The SEC decides who may sell crypto services and crypto products to the public, and whether a token is really a security. The AMLC sits over both and makes them watch the money. Around them, the NTC enforces blocks and the BIR collects tax.

The BSP and the VASP licence

The central bank first stepped in with Circular No. 944, issued on 6 February 2017, which made virtual currency exchanges register as remittance and transfer companies. That was replaced by Circular No. 1108, approved by the Monetary Board on 21 January 2021, which introduced the term virtual asset service provider. Under 1108, a BSP VASP is any firm that exchanges one virtual asset for another, exchanges virtual assets for pesos or other fiat, transfers them, or keeps them safe for customers. Minimum capital is ₱50 million for a provider that holds customer coins and ₱10 million for one that does not.

In late 2024 the BSP folded those rules into a single rulebook for money service businesses. Circular No. 1206 (Monetary Board Resolution No. 1362, 28 November 2024) moved VASPs into the same "M-Regulations" as remittance and transfer companies, money changers and foreign exchange dealers, and e-money issuers. Operating without prior BSP registration is penalised under the New Central Bank Act.

This is also the honest answer to people searching for a Philippines "money transmitter licence" or "MSB licence". The Philippines has no US-style money transmitter licence. The BSP registers money service businesses, and a crypto exchange sits in that family as a VASP. A remittance company licence alone does not let a firm trade crypto.

The SEC and the CASP Rules

The SEC's role grew sharply in 2025. SEC Memorandum Circular No. 4, s. 2025 (the CASP Rules) and MC No. 5 (the CASP Guidelines) were both dated 30 May 2025 and took effect on 5 July 2025. A crypto-asset service provider must be a Philippine corporation with at least ₱100 million paid-up capital, excluding crypto, and a staffed office in the country. Crypto derivatives and leverage are barred unless the SEC allows them. Neither circular has a grandfathering clause.

The marketing rule matters most for ordinary users: no one may market or induce people to buy crypto services unless they are a Philippine corporation licensed by the SEC and the BSP. Fines run from ₱50,000 to ₱10 million per violation, and willful violations can carry one to five years in prison. On 14 August 2025 the SEC clarified that trading crypto is legal, but platforms must register first. As of September 2026 we found no public SEC register of approved CASPs, so you cannot yet check an SEC registration the way you can check the BSP list.

The AMLC and the anti-money-laundering law

The Anti-Money Laundering Act (RA 9160) applies to "covered persons", and entities supervised by the BSP are covered. That is how crypto exchanges fall under the AMLC: because they are BSP-supervised VASPs, and SEC-registered CASPs because they are SEC-supervised.

In practice this means your exchange must verify your identity, report cash or equivalent transactions exceeding ₱500,000 as covered transactions within five working days, and file suspicious transaction reports by the next working day, with no minimum amount. Circular 1108 also applies the "travel rule" to crypto transfers of ₱50,000 and up: the exchange must collect and pass on who is sending and who is receiving. Payouts above ₱500,000 require enhanced due diligence and must go by check or to a bank account. The AMLC also runs the national risk assessments that shape how strict banks are with crypto-linked transfers.

How the rules got here: a timeline

Philippine crypto rules did not arrive in one piece. They tightened in steps, and the biggest shifts came in 2025.

1. 6 Feb 2017Circular 944

   Virtual currency exchanges must register with the BSP as remittance and transfer companies.

2. Jan 2021Circular 1108

   The VASP framework replaces 944: licensing, capital tiers, travel rule for transfers of ₱50,000 and up.

3. Jun 2021FATF grey list

   The Philippines is placed under increased monitoring by the Financial Action Task Force.

4. 1 Sep 2022Licensing moratorium

   Memorandum M-2022-035 closes the window for new VASP licences for three years.

5. Mar 2024Binance blocked

   After an SEC warning (reported as November 2023), the NTC orders telcos to restrict Binance; app removal is requested in April.

6. 28 Nov 2024Circular 1206

   VASP rules move into the consolidated money service business rulebook.

7. 21 Feb 2025Off the grey list

   The FATF removes the Philippines from its list of jurisdictions under increased monitoring.

8. 5 Jul 2025SEC CASP Rules take effect

   MC 4 and MC 5 s. 2025: Philippine company, ₱100M capital, local office, marketing restrictions.

9. Aug 2025SEC advisories

   1 Aug: ten offshore exchanges named, including OKX, Bybit, KuCoin, Kraken and MEXC. 20 Aug: five more.

10. 1 Sep 2025Freeze made indefinite

    Memorandum M-2025-031 extends the VASP moratorium with no end date, citing consumer protection and cybercrime.

11. 22 Dec 2025NTC blocks 50 platforms

    At the BSP’s request; the list is not published. Coinbase and Gemini go dark on 23–24 December.

12. Apr 2026More advisories, a sandbox

    The SEC flags HTX, dYdX and other derivatives venues; Binance partner BlockShoals gets a sandbox Notice to Proceed for testing only.

13. 5 Jun 2026M-2026-023

    BSP token listing guidelines for VASPs; privacy coins may not be listed or supported.

14. Jul–Sep 2026Shorter list, a draft circular

    The BSP VASP list of 15 July 2026 shows nine entities. A September exposure draft proposes tighter merchant rules for VASPs.

What Philippine crypto rules mean for an ordinary user

Strip away the circular numbers and the rules come down to a few practical effects.

The licensed list is short and will stay short. The BSP list dated 15 July 2026 shows nine entities: six active non-bank providers (Coins.ph, Maya, Moneybees, PDAX, TopJuan and WIBS PHP), GoTyme Bank and UnionBank, plus Direct Agent 5 (SurgePay), which the list marks as inactive. With the moratorium indefinite, new names are unlikely. Our list of licensed crypto exchanges in the Philippines has the full register and the flagged names.

Your ID will be checked, often more than once. KYC is not a platform's whim; it is the AMLA. Expect a selfie, a government ID and, at higher limits, proof of address or income. Large withdrawals above ₱500,000 go to a bank account or by check, not to a stranger's e-wallet.

Offshore apps can vanish overnight. Since 2024 the pattern has been SEC advisory, then NTC block, then app-store removal. When that happens, you still own your coins, but getting them out can mean a slow withdrawal and no regulator to complain to. If you used an offshore exchange, withdraw to a wallet you control or to a BSP-listed app before a block, not after.

"Zero fees" and "guaranteed returns" are red flags, not features. The SEC's advisories repeatedly mention investment schemes dressed as crypto platforms. Anyone promising fixed monthly returns on crypto is probably selling an unregistered security. Our crypto scams guide shows the common patterns.

Your bank or e-wallet has its own rules. In February 2026 the BSP reminded supervised institutions to deal only with exchanges holding both a BSP VASP licence and SEC CASP registration (the memo number was not published in the reports we found). That is why a transfer from your bank to an offshore exchange can be declined while the same amount to Coins.ph or PDAX goes through. It also explains the heavy scrutiny of P2P trades; see our P2P crypto guide before selling to strangers.

Cash routes are regulated too. Walk-in counters and pawnshop cash-in partners follow the same AML rules, which is why a counter will ask for ID even for a small purchase. Our guide to buying crypto with cash covers what to bring. For amounts above ₱1 million, a licensed OTC desk keeps the paper trail your bank will want.

The newest BSP rules: token listing and privacy coins

The most important 2026 issuance for users is BSP Memorandum M-2026-023, dated 5 June 2026 and signed by Deputy Governor Lyn I. Javier. It tells VASPs how to decide which coins to list, using six pillars: the issuer's background, market capitalisation and maturity, use cases, transparency and security, redemption and reserves, and legal compliance. It also prohibits listing or supporting anonymity-enhancing virtual assets, the so-called privacy coins, and requires platforms to keep monitoring tokens and to delist or suspend them when consumer, market, legal or cyber risks appear.

For you, that means the coin menu on a licensed app may shrink rather than grow, and a token you hold could be delisted with notice. On a separate track, in September 2026 the BSP circulated an exposure draft that would pause new operator of payment system applications for 12 months and require card acquirers to onboard regulated VASPs only through direct merchant arrangements with transaction limits. It is a draft, not a final rule, and may change.

On stablecoins, the BSP has not issued a dedicated circular that we could find. Coins.ph's peso stablecoin PHPC exited the BSP regulatory sandbox on 13 June 2025. Claims that the BSP imposes a specific reserve rule on stablecoins could not be verified against an official issuance.

CBDC in the Philippines: Project Agila

The BSP's central bank digital currency work is wholesale only. Project Agila tested a wholesale CBDC on Hyperledger Fabric with BDO, China Bank, LANDBANK, RCBC, UnionBank and Maya, and the BSP published its report around July 2026, pointing to uses in securities settlement and cross-border payments. In February 2026 the BSP announced a second pilot to settle tokenized government bonds. A wholesale CBDC moves between banks; you will not hold it in a wallet. We found no BSP plan for a retail digital peso.

Anti-money-laundering, FATF and why banks are cautious

The Philippines spent almost four years on the FATF grey list, from June 2021 until its removal on 21 February 2025, and the EU later dropped it from its own high-risk list. Getting off those lists required tighter supervision of casinos, real estate and virtual assets, and that pressure has not eased. The AMLC's third national risk assessment, reported in December 2025, still put overall money-laundering risk at "high".

Money muling is the other front. The Anti-Financial Account Scamming Act (RA 12010) of July 2024 criminalises lending or selling your account for others to move money through, and lets financial institutions hold disputed funds while they investigate. If someone offers you a fee to "use your verified Coins.ph or GCash account", that is exactly what the law targets.

Local specifics: CEZA, Clark and city rules

The Cagayan Economic Zone Authority in Santa Ana, Cagayan, historically issued "FinTech Solutions and Offshore Virtual Currency" licences to operators serving customers outside the Philippines, and in 2019 warned the public about fake licence holders. We could not verify how many CEZA licensees exist today or whether licensing is still active. A CEZA licence was never a licence to serve Philippine residents, so an app that shows one is not BSP-licensed. For Clark Freeport, PEZA zones and Bataan's freeport we found no crypto-specific licensing regime. Local governments issue ordinary business permits, but crypto regulation itself is national.

Tax, in brief

The BIR has not issued a crypto-specific regulation that we could find. General income tax rules still apply to gains, and the Philippines has committed to the OECD Crypto-Asset Reporting Framework, with first exchanges of data by 2028. We cover this in detail, with examples for traders, holders and freelancers, in our crypto tax guide for the Philippines.

How to stay on the right side of the rules

Keep your pesos, your cash-in and your cash-out on a platform that appears on the BSP VASP list, and check it yourself rather than trusting a screenshot. GCash users are covered through GCrypto, which is powered by PDAX, a licensed VASP; our GCash crypto guide explains how it works. If you use a global exchange for card purchases or coins the local apps do not list, do it knowing it sits outside BSP supervision and that you have little local recourse. Read the SEC advisories page before trusting a new platform, and remember the SEC says its lists are not exhaustive.

Finally, keep records. Every buy, sell and transfer with its date and peso value will help you with your bank, the AMLC's questions if they ever come, and the BIR. When you are ready to compare platforms, start with our ranking of the best crypto exchanges in the Philippines, which scores licence status first.