Crypto wallets in the Philippines

Are wallets legal in the Philippines

Owning crypto is lawful in the Philippines, and storing it in a wallet is simply part of owning it. There is no rule that requires a licence to keep a personal self custody wallet, where you hold the private keys yourself. Hosted wallets are offered by the platforms registered with the Bangko Sentral ng Pilipinas (BSP) as virtual asset service providers under Circular No. 1108. The licensing regime applies to the platforms that facilitate trading and conversion between crypto and pesos, not to the simple act of holding assets in a wallet, as of 2026.

Self custody versus hosted wallets

A self custody wallet means you hold the private keys and bear full responsibility for them, while a hosted wallet on a registered platform means the platform holds the keys on your behalf under its supervised custody arrangements. Both are permitted in the Philippines. Self custody removes counterparty risk but means lost keys cannot be recovered, while a hosted wallet adds convenience and platform support but relies on the provider remaining solvent and secure. This is a practical trade off about control and risk, not a legal one, and this page does not recommend either choice.

Wallets, tax, and payments

Simply holding crypto in a wallet is not in itself a taxable event in the Philippines. Tax can arise when you dispose of crypto or earn income from it. The Bureau of Internal Revenue (BIR) generally applies existing rules, treating gains from trading as ordinary income under the graduated income tax rates, and treating income from activities such as mining, staking, or being paid in crypto as taxable income, as of 2026. Moving crypto between your own wallets is generally not a sale, but confirm your position with the BIR. See the Philippines crypto tax page for detail. Separately, crypto is not legal tender in the Philippines: the Philippine peso is the only legal tender, so a wallet holds crypto as an asset and cannot oblige a merchant to accept it as payment. This is general information, not tax advice.

Frequently asked questions

Regulator and sources

Crypto activity in the Philippines is supervised mainly by the Bangko Sentral ng Pilipinas (BSP), which registers virtual asset service providers, and the Securities and Exchange Commission (SEC), which regulates crypto asset service providers where securities are involved. The peso as the only legal tender is a matter for the BSP. Tax is administered by the Bureau of Internal Revenue (BIR).

• Bangko Sentral ng Pilipinas (BSP), bsp.gov.ph, including Circular No. 1108 on virtual asset service providers
• Securities and Exchange Commission (SEC), sec.gov.ph, including the 2025 Rules on Crypto Asset Service Providers
• Bureau of Internal Revenue (BIR), bir.gov.ph, for the general income tax treatment of crypto gains and income

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