A complete reference layer and chronological repository of all primary regulatory issuances, statutory laws, central bank circulars, SEC memorandum circulars, and enforcement actions governing virtual assets and trading platforms in the Philippines.
Last Checked: September 2026 | Primary Issuers: Bangko Sentral ng Pilipinas (BSP), Securities and Exchange Commission (SEC), Anti-Money Laundering Council (AMLC) | Update Cadence: Real-time upon new regulatory publication
Note: Below should not be construed as legal advice or definitive regulatory guidance. Consult a lawyer or regulatory compliance expert for specific legal requirements.
Tracker Functionality
This document serves as BitPinas’ primary professional regulatory index. It tracks statutory mandates, regulatory statuses, affected market entities, and primary document source citations. For plain conceptual explanations of these rules, refer to our Crypto Regulation in the Philippines Guide.
1. Master Regulatory Matrix (Quick Reference)
| Issuance | Issued | Status | Who It Affects | Primary Source |
|---|---|---|---|---|
| VASP Token/Coin Listing Guidelines | June 5, 2026 | In Force | BSP VASPs, Token Issuers | BSP Memorandum M-2026-023 |
| SEC Rules on Crypto-Asset Service Providers (CASP Rules) | May 30, 2025 | In Force | CASPs, Exchanges, Intermediaries, Offerors, Marketers | SEC MC No. 4 & MC No. 5 (Series of 2025) |
| SEC Strategic Sandbox (StratBox) Framework | April 25, 2024 | Active | FinTech Intermediaries, Sandbox Applicants | SEC MC No. 9 (Series of 2024) |
| Financial Products and Services Consumer Protection Act (FCPA) | May 6, 2022 | Statutory Law | All Financial & Crypto Service Providers | Republic Act No. 11765 |
| Guidelines for Virtual Asset Service Providers (VASP) | January 26, 2021 | In Force | VASPs, Custodians, MSBs | BSP Circular No. 1108 |
| SEC Public Advisory on Initial Coin Offerings (ICOs) | January 8, 2018 | Enforcement Precedent | ICO Issuers, Promoters, Brokers | SEC EIPD Advisory (2018) |
| Guidelines for Virtual Currency (VC) Exchanges | February 6, 2017 | Superseded (by Circ. 1108) | VC Exchanges, Remittance Entities | BSP Circular No. 944 |
2. Current Regulatory Rules in Force
BSP Coin/Token Listing Guidelines (BSP Memorandum M-2026-023)
Issuer: Bangko Sentral ng Pilipinas (Financial Supervision Sector)
Dates: Signed June 5, 2026 | Compliance Effective June 5, 2026 (upon issuance)
Scope: Establishes mandatory due diligence, ongoing monitoring, and delisting expectations for VASPs offering digital assets to customers under MORNBFI Section 161-M / Section 902-N.
- 6 Assessment Pillars Required: (I) Issuer’s Background, (II) Market Capitalization & Maturity, (III) Use Cases & Tokenomics, (IV) Transparency, Traceability & Smart Contract Audits, (V) Redemption, Liquidity & Reserves, (VI) Legal & AML Compliance.
- Anonymity-Enhancing Asset Ban: Explicitly prohibits VASPs from listing, supporting, or offering privacy virtual assets (anonymity-enhancing VAs).
- Mandatory Delisting Triggers: Requires immediate suspension or delisting upon loss of liquidity support, security breaches, stablecoin de-pegging, misleading disclosures, or regulatory directives.
SEC Rules on Crypto-Asset Service Providers (SEC MC No. 4 & MC No. 5, Series of 2025)
Issuer: Securities and Exchange Commission
Dates: Issued May 30, 2025 | Effective July 5, 2025 (Published June 4, 2025)
Scope: Establishes comprehensive regulation over crypto-asset offerings, trading venues, intermediation, and promotional activities under RA 8799 (SRC) and RA 11765 (FCPA). MC No. 4 sets the overarching CASP Rules, while MC No. 5 sets the detailed CASP Guidelines.
- 30-Day Pre-Offering Disclosure Filing: Requires a Crypto-Asset Disclosure Document to be filed with the SEC and published at least 30 days prior to initiating marketing activities or actual public offerings.
- Marketing & Influencer Regulation: Mandates that third-party marketing agents, social media affiliates, and educational content creators receiving non-monetary or monetary consideration be registered and disclosed. Establishes solidary liability between CASPs and their promoters.
- Administrative Sanctions & Disgorgement: Establishes administrative fines from ₱50,000 to ₱10,000,000 per violation instance, plus daily penalties and up to three times (3x) profit disgorgement orders.
BSP VASP Guidelines (BSP Circular No. 1108)
Issuer: Bangko Sentral ng Pilipinas (Monetary Board)
Dates: Issued January 26, 2021 | Effective February 11, 2021
Scope: Replaced Circular 944 in its entirety, amending MORNBFI Section 902-N and expanding regulatory oversight from Virtual Currency Exchanges to Virtual Asset Service Providers (VASPs) operating as Money Service Businesses (MSBs).
- Capitalization Requirements: ₱50.0 Million minimum paid-in capital for VASPs providing safekeeping/custody services; ₱10.0 Million for non-custodial VASPs.
- Travel Rule Mandate: Requires transmission of accurate originator and beneficiary information for virtual asset transfers amounting to ₱50,000 or more.
- Large Payout Restrictions: Single customer payouts exceeding ₱500,000 must be executed exclusively via check or direct bank account credit.
3. Regulatory Sandboxes & Innovation Frameworks
SEC Strategic Sandbox Framework (SEC MC No. 9, Series of 2024)
Issuer: Securities and Exchange Commission
Dates: Dated April 25, 2024 | Published April 26, 2024 | Effective May 10, 2024
Scope: Establishes the SEC Strategic Sandbox (StratBox), an institutional regulatory framework that enables eligible fintech applicants and local Crypto Asset Intermediaries to test innovative financial products, trading venues, or business models in a supervised live environment with tailored regulatory relief.
- StratBox Execution Model: Local corporate entity **BlockShoals Technologies Inc.** serves as an SEC-approved StratBox sandbox participant operating as an authorized local Crypto Asset Intermediary. According to BlockShoals and Binance public disclosures, Binance supplies underlying operational and technological support for the sandbox arrangement.
BSP Financial Innovation Office (FIO) Sandbox (BSP Circular No. 1153)
Issuer: Bangko Sentral ng Pilipinas
Scope: Facilitates live testing of innovative payment rails, tokenized deposit systems, and central bank digital currency (CBDC) pilot initiatives (Project PhiliCBDC).
4. Enforcement Directives & Access Restrictions
NTC Telecom & Domain Blocking Directives
Executing Agencies: National Telecommunications Commission (NTC) & SEC
Mechanics: Issuance of binding administrative directives to local Internet Service Providers (PLDT, Globe, Smart, Converge) ordering the restriction of domestic IP access to main domain names of platforms operating without SEC CASP licenses or secondary broker registrations.
App Store Removal Notices
Executing Agencies: SEC Coordination with Apple Inc. & Google LLC
Mechanics: Formal regulatory requests directing mobile application store operators to remove regional availability of unauthorized crypto trading apps from the Philippine iOS App Store and Google Play Store.
5. Legislation & Statutory Frameworks
Financial Products and Services Consumer Protection Act (FCPA – RA 11765)
Approved: May 6, 2022 | Effective: June 3, 2022
Impact: Grants explicit statutory authority to the SEC and BSP over financial product providers, establishing baseline consumer rights, market surveillance powers, summary cease-and-desist authority, and civil restitution mechanisms across digital asset platforms.
Securities Regulation Code (SRC – RA 8799)
Enacted: July 2000
Impact: Governs public securities offerings (Section 8), broker/dealer licensing (Section 28), and trading exchanges (Section 37). Forms the statutory foundation for classifying token sales and derivatives as investment contracts.
Anti-Money Laundering Act (AMLA – RA 9160 as amended)
Impact: VASPs and relevant SEC-supervised crypto entities are subject to applicable AML/CFT obligations, including registration/reporting requirements where they fall within the AMLA definition of a covered person.
6. Historical Timeline & Retired Circulars
BSP Circular No. 944 (Issued Feb 6, 2017) — SUPERSEDED
Status: Retired (Replaced in entirety by BSP Circular No. 1108 in February 2021)
Historical Impact: The landmark initial regulation that formally recognized Virtual Currency (VC) Exchanges as Remittance and Transfer Companies (RTCs) under Money Service Business (MSB) supervision. Established initial registration procedures and auditing mandates for local fiat-to-crypto exchanges.
SEC Public Advisory on Initial Coin Offerings (Issued Jan 8, 2018)
Status: Enforcement Precedent Active
Historical Impact: Established the SEC’s position that some token offerings may constitute securities or investment contracts depending on their structure and economic characteristics. Subsequent SEC crypto advisories have also cited SEC v. Oudine Santos regarding potential liability for persons who solicit or promote unregistered securities.
This article is published on BitPinas: Philippine Crypto Regulation Tracker: Official Frameworks, Circulars, and Regulatory Actions
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