The Philippines splits the field between its central bank and securities regulator. The Bangko Sentral ng Pilipinas has licensed virtual asset service providers since 2021 under Circular 1108, covering exchange, transfer, and custody with capital, cybersecurity, and travel-rule requirements; a licensing moratorium imposed in 2022 kept the roster small. The Securities and Exchange Commission completed the other half in 2025 with rules for crypto-asset service providers: registration, disclosure, and marketing standards for firms offering crypto to Filipinos, aimed squarely at offshore platforms that had solicited the market without authorization, several of which were ordered blocked.
Adoption remains among the world's highest, historically driven by remittances and play-to-earn gaming, which keeps consumer-protection enforcement, unregistered-solicitation actions, and scam takedowns at the center of both agencies' dockets.
The instruments
BSP virtual asset service provider framework
Licenses VASPs performing exchange, transfer, and custody: minimum capital, AML program, travel rule, cybersecurity, and consumer redress requirements under central bank supervision.
SEC crypto-asset service provider rules
Registration and conduct rules for firms offering crypto-asset services or marketing to persons in the Philippines, including disclosure standards and advertising restrictions, with blocking orders available against non-compliant offshore platforms.