Philippines: crypto & digital assets regulation

Who regulates

• Bangko Sentral ng Pilipinas (BSP)

  Primary supervisor for VASPs and Non-Bank Financial Institutions; issues licensing, moratoriums, and risk management guidelines.

  ^{[1][2][3][4][5][6][7][8][9][10]}

• Securities and Exchange Commission (SEC)

  Regulates crypto-assets as financial products; licenses Crypto-Asset Service Providers (CASPs) and enforces capital and operational standards.

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Core laws & rules

• Manual of Regulations for Non-Bank Financial Institutions (MORNBFI) (2022 (Updated 2025))

  The core regulatory framework for VASPs operating as Non-Bank Financial Institutions, covering licensing, risk management, and cybersecurity compliance.

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• SEC Rules on Crypto-Asset Service Providers (SEC CASP Rules) (2025)

  Establishes the regulatory framework for CASPs, classifying crypto-assets as financial products and mandating licensing, disclosure, and compliance standards.

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• SEC Guidelines on the Operations of Crypto-Asset Service Providers (2025)

  Details operational requirements for CASPs, including a minimum paid-up capital of 100 million pesos, cybersecurity, and risk management protocols.

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Licensing & registration

• VASP License (BSP)

  Required for entities operating as Virtual Asset Service Providers under the BSP's supervision as Non-Bank Financial Institutions. Timeline: Moratorium on new licenses enforced since September 1, 2025.

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• CASP License (SEC)

  Required for Crypto-Asset Service Providers to operate as financial product providers under SEC supervision. Capital: 100 million pesos

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Restrictions & warnings

• BSP mandates strict limitations on financial institutions' dealings with VASPs, requiring comprehensive risk assessments and enhanced due diligence.

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• BSP requires VASPs to establish robust due diligence and accreditation processes for listing virtual assets, organized into six pillars.

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• BSP has cancelled registrations of non-compliant VASPs, including Zybi Tech, Inc. and ABA Global Philippines, Inc.

  ^[2][4]

Direction of travel

• The regulatory environment is tightening with continued enforcement of the VASP license moratorium and active cancellation of non-compliant registrations, indicating a focus on consumer protection and financial stability.

  ^[5][2]

• BSP is expanding cybersecurity compliance requirements through the ASTERisC* platform for all banks and VASPs, enhancing real-time regulatory reporting and risk supervision.

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Sources

1. M-2026-023: Coin/Token Listing Guidelines · 2026-06-05
2. CL-2026-013: Revocation of EMI-NBFI License and Cancellation of VASP and OPS Certificates for Zybi Tech, Inc. · 2026-03-17
3. Reminders on Sound Risk Management Practices when Dealing with Virtual Asset Service Providers (VASPs) · 2026-01-30
4. Cancellation of Registration of ABA Global Philippines, Inc. Under the Trade Name Coex Star · 2025-10-27
5. M-2025-031: Continued Enforcement of the Moratorium on the Issuance of New Licenses for VASP · 2025-08-29
6. Updated Manual of Regulations for Banks and Non-Bank Financial Institutions as of 31 December 2022 · 2025-04-15
7. Circular No. 1206: Consolidated Rules for Money Service Businesses under the New MORNBFI-M · 2024-12-23
8. M-2024-036: Expansion of ASTERisC* to All Banks and VASPs · 2024-12-09
9. Cancellation of Registration of ATOMTRANS TECH CORP. · 2024-03-21
10. Circular No. 1189: Updated Manual of Regulations for Banks and Non-Bank Financial Institutions as of 31 December 2021 · 2024-02-27
11. SEC Rules on Crypto-Asset Service Providers (SEC CASP Rules) · 2025-05-30
12. SEC Guidelines on the Operations of Crypto-Asset Service Providers (SEC CASP Guidelines) · 2025-05-30