Crypto in the Philippines: legality, rules, and tax
Crypto is legal to hold, buy, and sell in the Philippines, and the sector is regulated rather than banned. As of 2026, the Bangko Sentral ng Pilipinas (BSP) registers virtual asset service providers under Circular No. 1108, and the Securities and Exchange Commission (SEC) regulates crypto asset service providers under its 2025 CASP rules where securities are involved. Crypto is not legal tender, and access to some unregistered international platforms, including Binance, has been restricted.
The legal status
Owning and trading crypto is lawful for individuals in the Philippines, which has one of the most active crypto user bases in Southeast Asia. There is no ban on holding digital assets. What the law does is regulate the platforms and intermediaries that serve Philippine users, so the path to compliance runs through registered providers rather than through any prohibition on personal use. Crypto is treated as an asset and a regulated financial activity, not as legal tender, as of 2026.
Regulation: the BSP and virtual asset service providers
The Bangko Sentral ng Pilipinas (BSP) is the lead regulator for virtual asset service providers, which it brought inside the perimeter through Circular No. 944 in 2017 and the updated Circular No. 1108 in 2021. A virtual asset service provider must register with the BSP and apply anti money laundering and consumer protection controls. The BSP placed a moratorium on new virtual asset service provider licences in 2022, and it extended that moratorium indefinitely from 1 September 2025, so the registered set is largely fixed for now. As of May 2025 there were nine active registered virtual asset service providers, including Coins.ph, PDAX, and Maya.
Regulation: the SEC and crypto asset service providers
The Securities and Exchange Commission (SEC) regulates crypto activity that involves securities or public offerings. In 2025 it issued the Rules on Crypto Asset Service Providers through Memorandum Circular No. 4 and operational guidelines through Memorandum Circular No. 5, which it released on 30 May 2025 and which took effect on 5 July 2025. A crypto asset service provider must be a registered Philippine corporation with a minimum paid up capital of 100 million pesos, must segregate client funds, disclose investment risks, and meet anti money laundering requirements. A platform that converts crypto assets that are securities to or from pesos can require both BSP virtual asset service provider registration and SEC crypto asset service provider registration.
Enforcement and Binance
The SEC has acted against platforms operating without authorisation. It issued an advisory against Binance in November 2023, and in March 2024 it asked the National Telecommunications Commission to block access to Binance, after which major telecommunications providers began blocking its web pages and the app was removed from local app stores. The practical result is that access to some large international platforms has been constrained, while BSP registered platforms have continued to serve local users. Treat any unregistered platform as restricted and verify the current position before relying on it.
Tax
Crypto can be taxable in the Philippines, but there is no dedicated crypto tax law as of 2026. The Bureau of Internal Revenue (BIR) generally applies existing rules, treating gains from trading crypto as ordinary income subject to the graduated income tax rates, and treating income from activities such as mining, staking, or payment in crypto as taxable income. A separate 15 percent capital gains framework has been discussed in the context of capital markets reform, but its application to crypto is not settled, so we mark that point unclear. See the Philippines crypto tax page for detail. This is general information, not tax advice, so verify your position before filing.
Availability and how to act
Crypto is available to buy and sell in the Philippines through platforms registered with the BSP as virtual asset service providers. Locally registered platforms such as Coins.ph, PDAX, and Maya serve Philippine users as of 2026, while access to several unregistered international platforms, including Binance, has been restricted since the 2024 enforcement action. Using a BSP registered provider keeps the activity inside the supervised system. Compare the exchanges that are genuinely available to Philippine residents before choosing one.
Compare available exchanges in the Philippines
See the platforms that are genuinely available to residents, with their registrations and how to sign up compliantly.
Compare available exchangesRegulator and sources
- Bangko Sentral ng Pilipinas (BSP), bsp.gov.ph, including Circular No. 1108 on virtual asset service providers and the extension of the licence moratorium from 1 September 2025
- Securities and Exchange Commission (SEC), sec.gov.ph, including the 2025 Rules on Crypto Asset Service Providers, Memorandum Circulars No. 4 and No. 5, effective 5 July 2025
- SEC advisory against Binance (November 2023) and the March 2024 request to the National Telecommunications Commission to block access
- Bureau of Internal Revenue (BIR), bir.gov.ph, for the general income tax treatment of crypto gains and income
Frequently asked questions
Is crypto legal in the Philippines?
Yes. Holding, buying, and selling crypto is legal as of 2026. It is not legal tender. Platforms serving Philippine users must register with the Bangko Sentral ng Pilipinas as virtual asset service providers, and with the SEC where they offer crypto assets that are securities.
Who regulates crypto in the Philippines?
The Bangko Sentral ng Pilipinas (BSP) regulates virtual asset service providers under Circular No. 1108. The Securities and Exchange Commission (SEC) regulates crypto asset service providers under its 2025 CASP rules where the activity involves securities or public offerings.
Is Binance available in the Philippines?
Access has been constrained since 2024, when the SEC had the platform blocked and its app removed from local stores for operating without a licence. Treat its status as restricted and verify the current position before relying on any platform.
Is crypto taxed in the Philippines?
There is no dedicated crypto tax law. The Bureau of Internal Revenue generally treats gains from trading crypto as ordinary income subject to the graduated income tax rates, and other crypto income is taxable too. This is general information, not tax advice.
Which exchanges are available in the Philippines?
Platforms registered as BSP virtual asset service providers, such as Coins.ph, PDAX, and Maya, serve Philippine users. Several international platforms are restricted. Compare the exchanges genuinely available before signing up.
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