Philippines Implements Dual-Regulatory Framework for Cryptocurrencies

The Philippines has established a dual-regulatory framework for cryptocurrencies, with the Bangko Sentral ng Pilipinas (BSP) and Securities and Exchange Commission (SEC) playing key roles.

The BSP regulates money movement and fiat gateways through Virtual Asset Service Provider (VASP) licenses, while the SEC oversees investment products, trading venues, and market conduct through Crypto-Asset Service Provider (CASP) rules.

This framework is outlined in BSP Circular No. 1108 (VASP Guidelines) and SEC CASP Rules (Series of 2025). The regulations aim to prevent money laundering, protect banking rails, and ensure liquidity for fiat redemptions, while also protecting investors from fraud and ensuring market transparency.

For a full-service Philippine crypto exchange that allows users to cash in PHP via InstaPay and then trade crypto assets on an order book, both BSP payment gateway rules and SEC market conduct regulations must be satisfied.