Crypto regulation in the Philippines
Crypto is legal and regulated in the Philippines, with the BSP registering virtual asset service providers and the SEC regulating crypto asset service providers under rules that took effect in July 2025.
This is general information, not legal, tax, or financial advice. Verify the current rules with a qualified local professional and the official regulator before acting.
Crypto is legal and regulated in the Philippines as of June 2026. The Bangko Sentral ng Pilipinas (BSP) registers virtual asset service providers under Circular No. 1108, while the Securities and Exchange Commission (SEC) regulates crypto asset service providers under Memorandum Circulars No. 4 and No. 5 of 2025, effective 5 July 2025. Some activity needs both registrations, and unregistered platforms such as Binance have been restricted.
The BSP and virtual asset service providers
The Bangko Sentral ng Pilipinas (BSP) has regulated virtual asset activity since Circular No. 944 in 2017, updated by Circular No. 1108 in 2021. Any platform that provides exchange between crypto and pesos, transfers, or custody for Philippine users must register with the BSP as a virtual asset service provider and apply anti money laundering and consumer protection controls. The BSP placed a moratorium on new virtual asset service provider licences in 2022, and as of June 2026 it has extended that moratorium indefinitely from 1 September 2025, which means new registrations are paused while the existing registered providers continue to operate.
The SEC and crypto asset service providers
The Securities and Exchange Commission (SEC) regulates crypto activity that touches securities. It issued the Rules on Crypto Asset Service Providers under Memorandum Circular No. 4 of 2025, with operational guidelines under Memorandum Circular No. 5, released on 30 May 2025 and effective on 5 July 2025. A crypto asset service provider must be a Philippine registered corporation with a minimum paid up capital of 100 million pesos, must keep client assets segregated, disclose investment risks, and meet anti money laundering requirements. Where a platform converts crypto assets that are securities to or from pesos, it can require both BSP virtual asset service provider registration and SEC crypto asset service provider registration as of June 2026.
Enforcement against unregistered platforms
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 SEC has also periodically flagged other unregistered platforms. The practical effect is that some large international platforms are restricted, so confirm a platform is registered before relying on it.
Using a platform registered with the BSP as a virtual asset service provider keeps your activity inside the supervised system. Compare the providers genuinely available to Philippine residents.
Compare exchanges available in the PhilippinesFrequently asked questions
Who regulates crypto in the Philippines?
Two regulators share the field. 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 rules where securities or public offerings are involved.
Do crypto exchanges need a licence in the Philippines?
Yes. A platform serving Philippine users must register with the BSP as a virtual asset service provider, and where it deals in crypto assets that are securities it must also register with the SEC as a crypto asset service provider as of 2026.
What are the SEC CASP rules?
The SEC issued Memorandum Circular No. 4 of 2025 and operational guidelines under Memorandum Circular No. 5 on 30 May 2025, effective 5 July 2025. They require a registered local corporation, a minimum paid up capital of 100 million pesos, segregation of client funds, and risk disclosure.
Can I still get a new VASP licence in the Philippines?
The BSP placed a moratorium on new virtual asset service provider licences in 2022 and extended it indefinitely from 1 September 2025, so new registrations are paused. The existing registered providers continue to operate. Confirm the current position with the BSP.
Was Binance banned in the Philippines?
Access has been restricted since 2024, when the SEC asked the National Telecommunications Commission to block Binance for operating without authorisation, and its app was removed from local stores. Treat unregistered platforms as restricted and verify before use.
Regulator and sources
Crypto in the Philippines is regulated by the Bangko Sentral ng Pilipinas (BSP), the central bank, which registers virtual asset service providers, and by the Securities and Exchange Commission (SEC), which regulates crypto asset service providers where securities are involved. The National Telecommunications Commission (NTC) carried out the 2024 blocking of Binance at the SEC request. Tax is administered by the Bureau of Internal Revenue (BIR).
- Bangko Sentral ng Pilipinas (BSP), official site, including Circular No. 1108 on virtual asset service providers
- Securities and Exchange Commission (SEC), official site, including the 2025 Rules on Crypto Asset Service Providers
- Baker McKenzie note on the SEC CASP rules, Memorandum Circulars No. 4 and No. 5 of 2025
Rules change. The Philippines brought in the SEC crypto asset service provider rules in July 2025 and extended the BSP licence moratorium, and enforcement against unregistered platforms is ongoing. Confirm the current position with the BSP, the SEC, or a qualified local professional before you act.