The Securities and Exchange Commission (SEC) has released new rules and guidelines regarding crypto-asset service providers (CASPS) in the country, including local sales, marketing, and trading.
Now, the SEC requires all crypto-assets and crypto-asset securities to be registered before being sold or offered in the Philippines.
These regulations, through the SEC Memorandum Circular Nos. 4 and 5, series of 2025, issued last May 30, aim to protect Filipino investors and traders and improve market integrity amid continuous adoption.
Crypto-asset securities are defined as crypto-assets offered as securities, as defined by the Securities Regulation Code (SRC).
The memos defined CASPs as business entities that offer or engage in the provision of one or more crypto-asset services, including by making available a digital platform that provides services.
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Through these new policies, only SEC and Bangko Sentral ng Pilipinas (BSP)- registered corporations may market and promote crypto assets. Disclosures must also be filed with the SEC and published at least 30 days before any offering, including initial coin offerings (ICOs).
The rules will also cover third-party services and require them to follow anti-money laundering laws and maintain operational reports.
The guidelines require CASPs to register as corporations with a minimum paid-up capital of Php100 million in cash or property, excluding crypto assets.
They must have a staffed physical office during regular business hours and pay an initial filing fee of Php50,000. These registered CASPs will also pay the SEC a supervision fee based on their gross revenue during the preceding year.
Any person or entity who willfully violates the CASP rules and guidelines, the SRC, the Financial Products and Services Consumer Protection Act (FCPA), or other related rules or instructions issued by the Commission may be punished by imprisonment of one to five years, or a fine of Php50,000 to Php10 million.
While these policies benefit Filipino crypto enthusiasts, some people in the crypto space say they are against why crypto exists in the first place—to be deregulated or not under the supervision of the government and central banks.