Philippines Curated

DeFi Intel Research Desk2026-07-14Asia

Is crypto legal in Philippines? (2026)

Yes — cryptocurrency is legal in Philippines. Current status: Legal — dual BSP/SEC licence regime. Oversight sits with Bangko Sentral ng Pilipinas (BSP) / SEC. Full details — governing law, licensing, tax and dated enforcement history — follow below (last reviewed 2026-07-14).

Framework: BSP Circular 1108 (Guidelines for Virtual Asset Service Providers, 2021) + SEC Memorandum Circulars 4 and 5, Series of 2025 (CASP Rules and Guidelines, effective 5 July 2025).

The Philippines runs a dual-track regime. The BSP first regulated virtual-currency exchanges in 2017 under Circular 944, then replaced that framework with Circular 1108 (issued 21 January 2021), which broadened coverage to virtual asset service providers — exchange, transfer and custody of virtual assets — and folded them into the central bank's money-service-business and AML supervision. Since September 2022 the BSP has maintained a moratorium on new non-bank VASP licences; on 1 September 2025 it extended the moratorium indefinitely, citing heightened risks in the virtual-asset market, with the freeze subject only to periodic review as the BSP builds out monitoring, surveillance and enforcement capacity.

The securities side arrived in 2025. On 30 May 2025 the SEC issued Memorandum Circular No. 4 (Rules on Crypto-Asset Service Providers) and Memorandum Circular No. 5 (Guidelines on the Operations of CASPs), both effective 5 July 2025. A CASP must be an SEC-registered stock corporation with CASP operations stated as its primary purpose, hold minimum paid-up capital of P100 million in cash or property (crypto-assets excluded), register through the SEC's PhiliFINNO portal, segregate client assets, keep records for at least five years, and comply with plain-language marketing and disclosure rules. Crypto-assets may not be sold, offered or distributed to the Philippine public outside these rules, and marketing by third parties is also captured. Registration costs P50,000 plus a semestral supervision fee scaled to gross revenue; violations draw escalating fines and possible registration cancellation.

Tax treatment

Philippine law does not create a separate capital-gains tax category for crypto-assets — a correction to earlier reports of a flat 15% crypto rate (the 15% CGT regime applies to unlisted domestic shares, not crypto). The BIR treats crypto as intangible property rather than currency, and gains fall under ordinary income-tax rules depending on classification:

• Active trading / business income: graduated individual rates of 0–35%, or the 25% corporate income-tax rate.
• Capital asset held >12 months: individuals include only 50% of the net gain in taxable income (holding-period rule under the Tax Code); corporations pay 25% on the full gain.
• Non-resident individuals: 25% final tax on Philippine-sourced gains.
• VAT: the standard 12% VAT can apply where goods or services are sold for crypto.
• Withholding: January 2024 regulations impose a 1% withholding tax on one-half of gross remittances by online marketplace operators, capturing crypto/NFT marketplaces.

The BIR has not yet issued a dedicated crypto revenue memorandum circular; classification (inventory vs capital asset vs security) remains the main open question — pending further verification as guidance evolves.

Travel rule applicability

Status: in force since 2021. BSP Circular 1108 implements FATF Recommendation 16 for virtual-asset transfers of PHP 50,000 or more (or foreign-currency equivalent). Originating VASPs must obtain, hold and transmit the sender's name, account/wallet number and one of physical address, national ID number or date and place of birth, plus the beneficiary's name and account number.

Notable enforcement actions

• November 2023. SEC advisory warns that Binance is not authorised to sell or offer securities to the Philippine public.
• March 2024. SEC formally moves to block Binance for operating without a licence; the National Telecommunications Commission (NTC) orders ISPs to restrict access to Binance websites.
• April 2024. At the SEC's request, Google and Apple remove the Binance app from their Philippine app stores (Google Play removal confirmed 23 April 2024).
• August 2025. With the CASP rules newly in force, the SEC publicly names OKX, Bybit and Bitget among unregistered platforms facing possible enforcement and warns the public against using them.
• July–October 2025. BSP registry clean-up: ETranss (GOW Exchange) removed in July 2025 and ABA Global (COEX STAR) in October 2025 — the latter's licence revoked without the exchange properly launching.
• December 2025. On a BSP directive, the NTC orders ISPs to block 50 unlicensed crypto platforms, cutting Philippine access to Coinbase and Gemini among others; regulators warn that funds trapped on blocked platforms carry no legal redress.
• April 2026. SEC issues an investor alert naming dYdX and six other unregistered crypto trading platforms.

Public licensed CASP list

The BSP publishes the registry of licensed VASPs. Per the BSP's primary registry (List of Virtual Asset Service Providers, as of 31 May 2026), eleven institutions are listed — seven active non-bank VASPs, two active bank VASPs, and two classified inactive / not operational:

• Betur, Inc. (Coins.ph) — active non-bank VASP
• Bloomsolutions, Inc. (BloomX) — active non-bank VASP
• Maya Philippines, Inc. — active non-bank VASP
• Moneybees Forex Corp. — active non-bank VASP
• Philippine Digital Asset Exchange (PDAX) — active non-bank VASP
• TopJuan Technologies Corporation (TopWallet) — active non-bank VASP
• XenRemit, Inc. — active non-bank VASP
• GoTyme Bank Corporation — active bank VASP (added October 2024)
• Union Bank of the Philippines — active bank VASP
• Direct Agent 5 (SurgePay/DA5) — inactive / not operational (BSP classification)
• WIBS PHP, Inc. — inactive / not operational (BSP classification)

The SEC's separate CASP register opened with the July 2025 rules; DeFi Intel will mirror it as registrations are published.

Comparison to neighbours

Compare Philippines crypto regulation with three geographically adjacent jurisdictions:

Doing business in Philippines — practical notes

Serving Philippine residents with exchange, transfer or custody of virtual assets requires a BSP VASP licence — and with the moratorium now indefinite, new non-bank entrants effectively cannot obtain one. Practical market entry runs through acquiring an existing licensee or operating as a BSP-supervised institution (banks and quasi-banks remain eligible, as GoTyme Bank's October 2024 licence shows). Offering, marketing or servicing crypto-assets as investment products additionally triggers SEC CASP registration: a Philippine stock corporation, P100 million paid-up capital excluding crypto, PhiliFINNO filing and ongoing reporting. Coins.ph, PDAX and Maya are the dominant licensed onshore platforms, with UnionBank and GoTyme operating as bank-VASPs. On the stablecoin side, Coins.ph's peso-pegged PHPC exited the BSP's regulatory sandbox in 2025 and now operates with increased minting capacity subject to reserve, audit and disclosure commitments (reserves held in cash and short-term instruments at local banks; issued on Polygon and Ronin). Unlicensed offshore platforms face website blocking, app-store removal and public warnings, and Philippine users of blocked platforms have no legal recourse for stranded funds.

Methodology and sources

This profile was researched and updated by DeFi Intel's research desk on 2026-07-14 from the primary and secondary sources listed below. Claims that could not be verified against a source are omitted or marked pending — we do not republish unverified third-party datasets. Submit corrections and primary-source links to [email protected].

Sources

• Baker McKenzie — SEC issues rules and guidelines on CASPs (MC 4 & 5, s.2025)
• BitPinas — SEC sets CASP rules effectivity date (5 July 2025)
• Ocampo & Suralvo — SEC CASP operations guidelines (capital, fees, penalties)
• Newsbytes.ph — BSP extends VASP licence moratorium indefinitely (Sept 2025)
• Digital Policy Alert — BSP adopts VASP Guidelines (Circular No. 1108), 21 January 2021
• Bangko Sentral ng Pilipinas — List of Virtual Asset Service Providers (VASP), as of 31 May 2026 (primary registry)
• CNBC — Philippines orders Binance removed from app stores (April 2024)
• CoinDesk — SEC names Bybit, OKX, Bitget as unregistered (Aug 2025)
• BitPinas — NTC orders blocking of 50 unlicensed crypto platforms (Dec 2025)
• BitKE — SEC investor alert over dYdX and 6 other platforms (April 2026)
• Notabene — Philippines travel rule (Circular 1108, PHP 50,000 threshold)
• Respicio & Co. — Crypto capital-gains tax in the Philippines
• Coins.ph — PHPC readies to exit the BSP regulatory sandbox (2025, primary)