Regulator: Bangko Sentral ng Pilipinas (BSP); Securities and Exchange Commission (SEC)
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.
Applicable Laws:
Circular No. 944 (In Force) - https://www.bsp.gov.ph/Media_and_Research/Primers%20Faqs/VC.pdf
Circular No. 1108 (In Force) - https://www.globallegalinsights.com/practice-areas/fintech-laws-and-regulations/philippines/
E-Governance Act - Senate Bill No. 2781 (Enacting) - https://www.globallegalinsights.com/practice-areas/fintech-laws-and-regulations/philippines/
SEC MC No. 9, Series of 2024 - https://www.globallegalinsights.com/practice-areas/fintech-laws-and-regulations/philippines/
