Jurisdiction reference
Philippines
Regulator: BSP. License/registration context: Licensing. 13 VASP/entity records are tracked by Plexo Institute in Philippines. Official registry source: BSP VCE Licensees. Data last updated: 2026-09-24.
The Philippines has one of the most comprehensive crypto regulatory frameworks in Asia. Since 2017, BSP requires crypto exchanges and custodians to register as VASPs. Stablecoin issuers that operate like e-money must also obtain EMI licenses. The BSP monitors reserve backing, AML/CFT, and consumer protection. Stablecoins like USDT/USDC are heavily used for remittances (a critical part of the Philippine economy). BSP is also exploring a CBDC pilot (Project Agila), complementing its oversight of stablecoins.
Regulatory Status
- Jurisdiction code
- PH
- Regime
- Licensing
- Regulator
- BSP
- Governing law
- BSP Circular 944 (2017) / 1108 (2021)
- Travel Rule
- Legislated
- Tracked entities
- 13
- Recognized stablecoin backing
- fiat-backed, crypto-backed, commodity-backed, algorithmic
- Yield-bearing stablecoins
- Restricted
- Currency
- PHP
Regulatory approach
BSP: licenses and supervises banks, payment providers, and VASPs. It regulates stablecoin issuers indirectly through the VASP registration and e-money licensing frameworks. SEC: national regulatory body that regulates the offering and sale of cryptoassets that are considered securities.
Stablecoin laws in Philippines
Primary legal texts Plexo Institute tracks for Philippines.
- E-Governance Act - Senate Bill No. 2781 (Enacting) (enacted 2025-06-09)
Mandates the establishment of Government Digital Payment Systems
- SEC MC No. 9, Series of 2024 (enacted 2024-04-25)
This is targeted towards its Strategic Sandbox Framework to create a more digital inclusive economy in the Philippines. Enabling Firms to explore innovation in the Fintech sector.
- Circular No. 1108 (In Force) (enacted 2021-01-21)
Provides the guidelines for VASPs Enforces stricter internal control (Operational) requirements.
- Circular No. 944 (In Force) (enacted 2017-02-06)
Guidelines for Virtual Currencies Exchange General anti-money laundering practices and reporting and registration requirements
Regulatory events in Philippines
Dated regulatory developments Plexo Institute tracks for Philippines, most recent first.
- The Senate approves Bill No. 2781 (2025-06-09 · Legislative)
The Bill mandates the establishment of Government Digital Payment Systems to modernise public financial transactions
- SEC publishes SEC MC No. 9, Series of 2024 (2024-03-06 · Legislative)
Targets its Strategic Sandbox Framework to create a more digital inclusive economy in the Philippines.
- BSP Circular No. 1153 approves Resolution 1217 (2022-08-18 · Legislative)
BSP approves the institutionalisation of the regulatory sandbox framework
- BSP publishes BSP Circular No. 1108 (2021-01-21 · Legislative)
Implementing stricter operational requirements for Virtual Assets Service Providers
- BSP releases advisory on the Use of Virtual Currencies (2017-12-29 · Legislative)
General warning about fraud and strong encouragement to use BSP-registered virtual currencies.
- BSP publishes BSP Circular No. 944 (2017-02-06 · Regulatory)
BSP establishing a formal regulatory framework on the exchange of Virtual Currencies.
- BSP issues a warning advisory on Virtual Currencies (2014-03-06 · Regulatory)
The warning informs the public about the risks, benefits and the BSP's approach the VCs.
Relationship Graph
Jurisdiction FAQ
Who regulates Philippines?
The current Plexo Institute record lists BSP as the regulator for Philippines.
How many VASPs are tracked in Philippines?
13 VASP/entity records are tracked by Plexo Institute in Philippines.
What is the Travel Rule status in Philippines?
The current Plexo Institute record lists the Travel Rule status for Philippines as Legislated.
Source Evidence
This profile is compiled from official legislation and regulator records. Source confidence: official source evidence.