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: 2026-08-28.
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.
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.