Philippines — crypto regulation

Status: partial · Last reviewed 2026-11-05

Dual-regulator model: BSP licenses VASPs (9 active, moratorium on new licences extended indefinitely) while SEC regulates crypto-asset service providers under 2025 CASP framework. High remittance-driven adoption (10.5% penetration). Peso stablecoin PHPC exited sandbox Jul 2025.

Legislation

• BSP Draft Circular — Integrity Controls in Payment Transactions (2026)
• BSP Circular No. 1108 — VASP Guidelines (2021)
• SEC Memorandum Circular No. 04 — CASP Rules (2025)
• Crypto Tax Treatment: Ordinary Income Rates & VAT (2018)