BSP Circular No. 1108 (2021) establishes the live general virtual asset framework under which stablecoins are implicitly covered as virtual assets when VASP services are involved. It sets licensing (as MSBs), capital, AML/CFT, custody, and consumer protection rules but contains no stablecoin-specific definitions, backing requirements, or yield provisions. The SEC's 2025 CASP Rules add a parallel live regime for securities-related crypto activities. Recent developments include an indefinite VASP licensing moratorium (extended 2025), BSP Memorandum No. 23-2026 (June 2026) requiring stricter due diligence, monitoring, and delisting standards for cryptocurrencies and stablecoins, and limited sandbox pilots for peso-backed stablecoins. BSP remains cautious with no dedicated stablecoin legislation enacted.
Applicable Laws:
Circular No. 944 (In Force) - https://www.bsp.gov.ph/Media_and_Research/Primers%20Faqs/VC.pdf
Bangko Sentral ng Pilipinas Circular No. 1108, Series of 2021 (Guidelines for Virtual Asset Service Providers (VASPs)) - https://www.bsp.gov.ph/Regulations/Issuances/2021/1108.pdf
E-Governance Act - Senate Bill No. 2781 - 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/
Securities and Exchange Commission Memorandum Circular No. 04, Series of 2025 (The SEC Rules on Crypto-Asset Service Providers (CASP Rules)) and MC No. 05 (Guidelines) - https://www.sec.gov.ph/mc-2025/sec-mc-no-04-series-of-2025the-sec-rules-on-crypto-asset-service-providers-sec-casp-rules/
Bangko Sentral ng Pilipinas Memorandum No. 23-2026 (Guidance on stricter due diligence, ongoing monitoring, and delisting standards for cryptocurrencies and stablecoins) - https://www.bsp.gov.ph/Regulations/Issuances/2026/M-2026-023.pdf
