Centralized exchange in Philippines

BSP — VASP licensing, prudential supervision

SEC Philippines — Securities token oversight, warnings against unlicensed offerings

AMLC — Anti-Money Laundering Council

BSP Circular 1108 (2021) — VASP licensing framework

BSP Circular 944 (2017) — Virtual currency exchange registration

VASP: VASP License from BSP (Circular 1108/2021). PHP 50M (~$900K USD) minimum capitalization. 6-12 months. BSP imposed moratorium on new VASP licenses in 2022 to assess existing licensees; partially lifted 2024. Coins.ph and PDAX are major licensed operators. 60% Filipino ownership may apply.

CUSTODY: Included under VASP license; IT risk management requirements

EXCHANGE: VASP license — PHP 50M minimum capitalization. High crypto adoption driven by remittances and gaming/play-to-earn (Axie Infinity).

Oversight splits: BSP handles custody, exchanges, on/off-ramps, and payment roles via Circular 1108; Securities and Exchange Commission (SEC) governs issuance, marketing, and trading under its Crypto-Asset Service Provider (CASP) regime.

New VASP licenses are frozen indefinitely as of 2025, prioritizing existing licensees.

Crypto asset service providers (CASPs) must register with the Philippine Securities and Exchange Commission (SEC) and maintain a minimum capital of ₱100 million with physical incorporation in the Philippines

Strict compliance with anti-money laundering (AML) procedures is mandatory

CASPs must submit regular reports to the SEC and the AML Council with detailed documentation 30 days prior to any activity

Travel Rule adopted — threshold: PHP 50,000

Adopted: Yes, via BSP and SEC regulations governing VASPs, as part of efforts to exit the FATF Grey List; described as translating FATF recommendations into national law with a "clear and decisive stance."

Applies to licensed VASPs under BSP and SEC oversight, including those involved in crypto token listings, exchanges (crypto-fiat and crypto-crypto), transfers, issuance/sale of virtual assets, and custodian wallets; requires VASP licensing, capital requirements, and cybersecurity compliance.

VASPs must collect and share originator/beneficiary data (e.g., name, account/wallet number, physical address, unique ID, date/place of birth) for transactions, with sanctions screening against lists like OFAC, UN, EU, and HMT before sending/receiving; interoperability challenges noted globally, but no Philippines-specific protocols detailed.

SEC fines up to ₱5 million (~US$88,000) per violation, plus daily penalties; BSP may impose license suspension/revocation and potential imprisonment; aimed at preventing fraud.

Entity: Binance (world’s largest crypto exchange).

Violation: Operating without required authorization under the Crypto Asset Service Provider (CASP) framework.

Penalty: Geo-blocking; users given 90 days to exit the platform, with website and app access restricted via coordination with telecom providers.

Entities: OKX, Bybit, KuCoin, Kraken, MEXC, Bitget, Phemex, CoinEx, BitMart, Poloniex (actively marketing to and serving Filipino users).

Violation: Operating without SEC licenses/registrations under CASP Rules and Guidelines (Memorandum Circulars No. 4 and No. 5, effective July 2025); providing/soliciting crypto trading services without authorization.

Penalty: Public advisory (August 1-4, 2025); threats of cease-and-desist orders, criminal complaints, website/app blocking via NTC, takedown requests to Google/Meta. Telecoms (PLDT, Smart, Globe) began blocking; list not exhaustive.

Entities: ~50 platforms including Coinbase, Gemini, and overlaps like OKX/Bybit/KuCoin (unlicensed virtual asset service providers/VASPs).

Violation: Operating without BSP authorization (BSP Circular No. 1108 for VASP regulations); non-compliance with AMLA via AMLC oversight.

Penalty: NTC directive to ISPs for website/mobile app blocks (effective by December 25, 2025 via PLDT/Smart/Globe); part of broader risk controls for money laundering/terrorist financing.