Philippines Cryptocurrency Market Sees Regulatory Clarity

The Bangko Sentral ng Pilipinas (BSP) and Securities and Exchange Commission (SEC) have established guidelines for cryptocurrency trading platforms in the Philippines. The BSP supervises local fiat-to-crypto gateways under Virtual Asset Service Provider (VASP) licenses, while the SEC oversees platform registrations and innovation testing.

The BSP has issued active VASP licenses to 9 entities, including Betur, Inc., GoTyme Bank Corporation, and Union Bank of the Philippines, Inc. These platforms operate directly under local financial supervision, anti-money laundering regulations (AMLA), and Philippine consumer protection standards.

Global cryptocurrency exchanges also operate in the country, but their regulatory standing depends on ongoing alignment with SEC registration guidelines, sandbox frameworks, or standing advisories. Platforms such as Binance, Bitget, and Bybit have been issued public advisories by the SEC regarding localized onboarding features, promotional activities, and unregistered service offerings.