Philippines: fintech & payments regulation

Regulated

BSP-regulated payments and digital banks; SEC CASP rules for crypto; VASP moratorium in effect

Lead regulator:: Bangko Sentral ng Pilipinas
Key law:: Manual of Regulations for Payment Systems (MORPS) and BSP Circular No. 1238
Last updated:: 2026-07-12

The Bangko Sentral ng Pilipinas (BSP) serves as the primary regulator for fintech and payments, overseeing the National Retail Payment System, digital banks, and electronic money issuers under the consolidated Manual of Regulations for Payment Systems (MORPS). The Securities and Exchange Commission (SEC) regulates crypto-asset service providers under the SEC CASP Rules, requiring specific licensing and capitalization. The regulatory environment is characterized by active enforcement, including the cancellation of various licenses for non-compliance and a continued moratorium on new VASP licenses.

Recent regulatory developments include the lifting of the moratorium on digital bank licenses and Electronic Money Issuer-NBFI applications, alongside the closure of the application window for new digital banks in late 2025. The BSP has also implemented strict merchant payment acceptance frameworks and ISO 20022 harmonization to enhance interoperability and consumer protection.

The sector faces significant restrictions on Virtual Asset Service Providers due to the ongoing moratorium, while the SEC has established a distinct licensing regime for crypto-asset service providers. Enforcement actions remain robust, with the BSP cancelling registrations for entities violating anti-money laundering and operational standards.

Who regulates

Bangko Sentral ng Pilipinas
Primary supervisor for payment systems, digital banks, electronic money issuers, and money service businesses.
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Securities and Exchange Commission Philippines
Regulator for crypto-asset service providers (CASPs) and corporate registration.
^{[4][57][58][25][29][30][59]}

Core laws & rules

Manual of Regulations for Payment Systems (MORPS) (2024)
Consolidates regulations for payment systems, including the National Retail Payment System, merchant payment acceptance, and electronic fund transfers.
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SEC CASP Rules (2025)
Establishes the regulatory framework for crypto-asset service providers, classifying crypto-assets as financial products and mandating licensing.
^[30][59]

Licensing & registration

Digital Bank
New licenses are issued following the lifting of the moratorium, with an application window that closed in late 2025. Timeline: Moratorium lifted Dec 2024; Application window closed Dec 2025
^[18][36]
Electronic Money Issuer - NBFI
New applications are accepted following the lifting of the moratorium in December 2024. Timeline: Moratorium lifted Dec 2024
^[39]
Virtual Asset Service Provider (VASP)
New licenses are suspended under a continued moratorium due to consumer protection concerns. Timeline: Moratorium extended from Sept 2025
^[19]
Crypto-Asset Service Provider (CASP)
Requires registration with the SEC, including a minimum paid-up capital of 100 million pesos. Capital: 100,000,000 PHP Timeline: Rules promulgated May 2025
^[30][59]
Merchant Acquisition License (MAL)
Required for operators of payment systems engaging in merchant payment acceptance activities. Timeline: Guidelines issued Jan 2025
^[35][46]

Restrictions & warnings

In-app gambling access is suspended in mobile payment apps and websites of all BSP-supervised institutions.
^[20]
Strict anti-money laundering and countering terrorism financing controls are mandated across all payment activities.
^[7]
Entities operating without prior BSP registration are disqualified from registering as Money Service Businesses.

Direction of travel

The regulatory framework is evolving towards greater interoperability through ISO 20022 harmonization and enhanced consumer protection via coordinated verification processes for disputed transactions.
^[13][31]
Enforcement remains active with the cancellation of various licenses for non-compliance, indicating a strict regulatory stance on operational and AML standards.
^{[9][10][16][42][54]}

Sources

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This guide is compiled automatically from 59 primary-source documents published by Philippines's regulators, reviewed by RegAlert, and refreshed monthly (last updated 2026-07-12). It is not legal advice — always confirm requirements with the regulator or local counsel before acting.