🇵🇭Philippines

Detailed overview

Philippines at a glance

The Philippines is a high-adoption crypto market (ranked 8th in the 2024 Global Crypto Adoption Index, an estimated 11 to 12 million Filipino crypto users) regulated through parallel tracks. The BSP supervises VASPs as Money Service Businesses for payments, custody and on/off-ramp services. The SEC's CASP Rules (Memorandum Circulars No. 4 and 5, both Series of 2025, in force 5 July 2025) cover crypto-asset services treated as financial products. Gambling sits with PAGCOR, which is currently transitioning from a dual operator-regulator role to a purely regulatory body, with privatisation of its Casino Filipino operations expected by 2026.

Last verified: May 2026.

The two crypto authorities cover different perimeters. BSP governs prudential, payments and custody. SEC governs market conduct, offerings and trading. Many operators need both.

Is there a crypto licence in the Philippines?

Yes, two of them, regulated by different authorities. The BSP VASP regime is currently closed to new applicants outside the BSP-supervised perimeter; the SEC CASP regime is the open door.

BSP track: BSP Circular No. 1108 (Series of 2021, Monetary Board Resolution No. 78 of 21 January 2021) replaced the earlier 2017 Virtual Currency Exchange framework and now governs Virtual Asset Service Providers under Section 902-N of the Manual of Regulations for Non-Bank Financial Institutions (MORNBFI). A VASP must hold a Certificate of Authority to operate as a Money Service Business.

New VASP licence applications have been under moratorium since 1 September 2022 (BSP Memorandum No. M-2022-035, Monetary Board Resolution No. 1141 of 4 August 2022). The moratorium was extended by BSP memorandum dated 20 August 2025 beyond the original 1 September 2025 expiry, subject to reassessment based on local and global developments. Existing BSP-supervised financial institutions with a stable Supervisory Assessment Framework (SAFr) composite rating may still apply.

As of May 2025, the active BSP-registered VASPs are: Betur Inc. (Coins.ph), Bloomsolutions, Direct Agent 5 (SurgePay), Maya Philippines, Moneybees Forex Corp., PDAX, TopJuan Technologies, XenRemit, UnionBank, and GoTyme Bank.

SEC track: SEC Memorandum Circular No. 4, Series of 2025 (CASP Rules) and SEC Memorandum Circular No. 5, Series of 2025 (CASP Guidelines) were issued on 30 May 2025 and took effect on 5 July 2025. They classify crypto-assets as financial products under the Financial Products and Services Consumer Protection Act and bring any platform offering crypto-asset services to Filipinos into the SEC perimeter. Existing BSP-licensed VASPs were given 30 days from publication to begin complying with the SEC rules.

BSP VASP Certificate of Authority

Best for existing BSP-supervised financial institutions (banks, MSBs, e-money issuers) extending into crypto. Closed to new pure-play applicants while the moratorium continues.

What it is: Certificate of Authority issued by the BSP under Section 902-N of MORNBFI (as amended by Circular 1108) authorising the holder to operate as a Money Service Business providing virtual asset services.

Who it suits: Banks, e-money issuers, remittance and transfer companies, and other BSP-supervised financial institutions wanting to add custody, exchange or on/off-ramp services. Pure-play exchanges cannot apply for new authorisation while the moratorium is in force.

Covers: Exchange between virtual assets and fiat; exchange between one or more forms of virtual assets; transfer of virtual assets; safekeeping and/or administration of virtual assets (custody). Participation in or provision of services related to an issuer's offer or sale of virtual assets falls outside the BSP definition and is the SEC's jurisdiction.

Operational requirement: Letter of No Objection (LNO) from the BSP before formal application. Sound corporate governance, IT risk management (Section 726-N MORNBFI), liquidity risk management (Section 724-N), operational risk management (Section 725-N), outsourcing controls (Section 702-N) and business continuity management. Cybersecurity framework for wallet services. AML/CFT compliance under the Anti-Money Laundering Act 2001 (as amended). All VA transfers treated as cross-border wire transfers. Travel Rule applies to transfers of PHP 50,000 (about USD 810) or more (originator and beneficiary information must be obtained, held and transmitted); enhanced due diligence for transfers above PHP 500,000 (about USD 8,120). Customer wallet protection and consumer education campaigns required.

Headline figures

• Minimum paid-in capital, without custody/safekeeping: PHP 10 million (about USD 162,300)
• Minimum paid-in capital, with custody/safekeeping: PHP 50 million (about USD 811,700)
• Registration fee: PHP 100,000 (about USD 1,620)
• Annual service fee: PHP 300,000 (about USD 4,870)
• Travel Rule threshold: PHP 50,000 per transfer (about USD 810)
• Enhanced due diligence threshold: PHP 500,000 per pay-out (about USD 8,120)
• New applications: under moratorium from 1 September 2022; extended from 1 September 2025 indefinitely subject to BSP reassessment
• Active BSP VASPs (May 2025): 9 companies plus 2 banks (UnionBank, GoTyme)

SEC CASP Registration

Best for crypto exchanges, broker-dealers, custodial platforms, token offerors and marketers serving Filipino consumers.

What it is: SEC registration under Memorandum Circular No. 4, Series of 2025 (CASP Rules) and Memorandum Circular No. 5, Series of 2025 (CASP Guidelines), in force 5 July 2025. Treats crypto-assets as financial products and brings crypto-asset service providers and third-party marketers within SEC supervision.

Who it suits: Local and foreign platforms offering crypto-asset services to Filipinos: trading, custody, brokerage, advisory, marketing and public offerings of crypto-assets. Applications run through the SEC's PhiliFintech Innovation Office.

Covers: Crypto-asset services, public offerings of crypto-assets and crypto-asset securities, marketing and promotion. Pure crypto-as-payment use cases (accepting crypto in exchange for goods or services) and offerings that fall within other Philippine regulatory regimes are carved out.

Operational requirement: Must be a stock corporation registered with the SEC and physically incorporated in the Philippines. CASP operation must be included in the primary purpose clause of the Articles of Incorporation. Physical office in the Philippines, appropriately staffed during business hours. Mandatory segregation of customer funds from company funds. AML/CFT compliance as a covered person under the Anti-Money Laundering Act; reporting to both the SEC and the Anti-Money Laundering Council. Suitability assessment for retail clients. 30-day pre-marketing disclosure of risk and product information on platform website, social media and in advertising. CASPs are solidarily liable with accredited third-party marketers for their acts and omissions.

Headline figures

• Minimum paid-up capital: PHP 100 million in cash or property, excluding crypto-assets (about USD 1.62 million)
• Registration fee: PHP 50,000 (about USD 810)
• Supervision fee: from 1/300 of 1 per cent per PHP 2 billion of gross revenue (about USD 32.5 million)
• Pre-marketing disclosure: 30 days before promotion
• Criminal penalty (wilful violation): 1 to 5 years imprisonment and/or fine of PHP 50,000 to PHP 2 million (about USD 810 to USD 32,500)
• Late filing penalty: PHP 10,000 base (about USD 160) plus PHP 500 per day of delay (about USD 8)
• Repeat offence fines: PHP 50,000 (about USD 810) for the first, PHP 100,000 (about USD 1,620) for the second, PHP 200,000 (about USD 3,250) for the third, with possible licence revocation
• Fraud penalty: PHP 50,000 to PHP 10 million per instance (about USD 810 to USD 162,300), plus up to PHP 10,000 per day of continuing violation (about USD 160)

Crypto tax position (Philippines)

A high-level summary only. Take advice on your specific product flows.

From 2025, capital gains on crypto disposals (sale for fiat or exchange for goods) are taxed at 15 per cent. Income from receiving crypto as payment, from mining, and from staking falls within the income tax regime. VAT at 12 per cent applies to the sale of goods in exchange for crypto. Failure to report attracts penalties under the National Internal Revenue Code.

Is there a payments licence in the Philippines?

Yes. The BSP supervises payments under the Money Service Business framework and the National Payment Systems Act (Republic Act No. 11127).

Different categories, including remittance and transfer companies, e-money issuers, and payment system operators, are licensed by the BSP under MORNBFI. The BSP's payments framework predates the VASP regime and continues to be the main route for fintech businesses serving Filipinos with traditional payment rails.

We work on these on a case-by-case basis; the choice of category (e-money issuer, payment system operator, remittance and transfer company, operator of payment system under RA 11127) depends on the specific product and customer flows.

Is there a gambling licence in the Philippines?

Yes, but only domestic-facing.

President Marcos's Executive Order No. 74 of 5 November 2024 banned all Philippine Offshore Gaming Operators (POGOs) and Internet Gaming Licensees (IGLs) effective 31 December 2024. PAGCOR continues to license domestic operations.

PAGCOR is the principal gaming regulator under its Charter (Presidential Decree No. 1067-A of 1977). Its licensing departments include the Electronic Gaming Licensing Department (for E-Games and PIGO) and the Casino Filipino brand for PAGCOR-operated venues. The Games and Amusements Board (GAB) regulates sports betting integrity, and special economic zones (CEZA and APECO) historically also issued gaming licences, though national policy has moved towards centralisation under PAGCOR. AMLC supervises AML/CFT compliance for the gambling sector.

In 2024, the Philippine gambling industry posted gross gaming revenue of PHP 372.33 billion (about USD 6.04 billion): land-based casinos PHP 201.83 billion (about USD 3.28 billion), e-games and e-bingo PHP 154.51 billion (about USD 2.51 billion), PAGCOR-operated casinos PHP 15.97 billion (about USD 259 million). Total licence fees paid to PAGCOR for the sector reached PHP 48.79 billion in 2024 (about USD 792 million).

PAGCOR Electronic Gaming Licence (E-Games)

Best for domestic-facing online gaming operators, the most active category after the POGO ban.

What it is: PAGCOR licence for internet gaming sites operating Electronic Gaming Systems together with virtual or electronic games for the Philippine domestic market.

Who it suits: Online gaming operators targeting Filipino players from licensed local platforms. After the POGO ban, the E-Games licence is one of the most sought-after PAGCOR authorisations.

Covers: Internet gaming using Electronic Gaming Systems (EGS) and electronic/virtual games offered to Filipino residents only. Does not authorise offshore-facing operations.

Operational requirement: SEC corporate registration in the Philippines. PAGCOR-accredited probity check for the operator and key personnel (background, financial integrity, criminal history, AML/fraud exposure). KYC and player verification, responsible gaming controls (player self-exclusion, spending limits), AML/CFT compliance, and reporting to PAGCOR and AMLC.

Headline figures

• Minimum paid-up capital stock: PHP 25 million (about USD 405,800)
• E-Games licence fee rate: 30 per cent of GGR (reduced from 50 to 55 per cent effective 1 January 2025)
• 2024 sector GGR (e-games and e-bingo): PHP 154.51 billion (about USD 2.51 billion)
• Probity check: PAGCOR-accredited probity checker required

PAGCOR Philippine Inland Gaming Operator (PIGO) Licence

Best for licensed land-based casinos extending online gaming to Filipino players.

What it is: PAGCOR licence introduced in 2018 allowing land-based casino licensees to offer online gaming services to pre-registered Filipino players within Philippine borders. As of 2025, 61 PIGO licences have been issued.

Who it suits: Existing land-based casino licensees in the Philippines wanting to extend gaming to mobile and web channels for the domestic market.

Covers: Casino games, sports betting and other regulated betting offered online to pre-registered, KYC-verified Filipino players. Pre-registration must be initiated inside the licensee's physical casino premises.

Operational requirement: Player pre-screening verification (age, AML, residence in the Philippines). Responsible gaming integration: self-exclusion options and deposit/spending limits. AML/CFT compliance under AMLA. AI-assisted gambling-behaviour monitoring is being developed by PAGCOR. PAGCOR conducts regular audits, inspections and transaction monitoring.

Headline figures

• Player base: Filipino residents only
• Pre-registration: must originate inside the licensed land-based casino
• Active PIGO licences: 61 (as reported by PAGCOR to the Senate in 2025)

PAGCOR Casino Gaming Licence

Best for integrated resort and land-based casino operators.

What it is: PAGCOR licence under the PAGCOR Charter (Presidential Decree No. 1067-A) authorising land-based casino operations.

Who it suits: Integrated resort operators and stand-alone casino businesses in PAGCOR-authorised areas, including Entertainment City.

Covers: Casino table games and electronic gaming machines at the licensed venue. PAGCOR itself is transitioning out of the operator role with privatisation of Casino Filipino expected by 2026; the regulator function will continue.

Operational requirement: PAGCOR fit-and-proper probity check; AML/CFT compliance with AMLC; responsible gaming framework; tax compliance.

PAGCOR Sports Betting Licence

Best for sports-betting operators in the domestic market.

What it is: PAGCOR licence for sports betting operations. Sports integrity oversight is shared with the Games and Amusements Board (GAB).

Who it suits: Domestic sports-betting operators. Offshore-facing sports betting falls outside the post-EO 74 regulatory perimeter.

Covers: Sports-betting product offered to the Philippine market under PAGCOR rules and GAB integrity standards.

Operational requirement: PAGCOR licensing process plus GAB compliance for sports-integrity matters. AML/CFT under AMLA.

Costs and timelines at a glance

• BSP VASP registration fee: PHP 100,000 (about USD 1,620)
• BSP VASP annual service fee: PHP 300,000 (about USD 4,870)
• BSP VASP minimum capital (no custody): PHP 10 million (about USD 162,300)
• BSP VASP minimum capital (with custody): PHP 50 million (about USD 811,700)
• BSP VASP new applications: under moratorium since 1 September 2022, extended in August 2025
• BSP VASP Travel Rule threshold: PHP 50,000 (about USD 810)
• BSP VASP enhanced due diligence: PHP 500,000 (about USD 8,120)
• SEC CASP minimum paid-up capital: PHP 100 million in cash or property, excluding crypto (about USD 1.62 million)
• SEC CASP registration fee: PHP 50,000 (about USD 810)
• SEC CASP supervision fee: from 1/300 of 1 per cent per PHP 2 billion of gross revenue (about USD 32.5 million)
• SEC CASP pre-marketing disclosure: 30 days
• SEC CASP criminal penalty: 1 to 5 years and/or PHP 50,000 to PHP 2 million (about USD 810 to USD 32,500)
• PAGCOR minimum paid-up capital: PHP 25 million (about USD 405,800)
• PAGCOR E-Games fee: 30 per cent of GGR (from 1 January 2025)
• POGO/IGL operations: banned from 31 December 2024 under Executive Order No. 74
• PAGCOR privatisation of Casino Filipino: expected by 2026

Who the Philippines suits and who it does not

Suitable for

• Existing BSP-supervised financial institutions (banks, MSBs, e-money issuers) wanting to add custody, exchange or on/off-ramp services under a VASP Certificate of Authority
• Crypto exchanges, broker-dealers and custodial platforms ready to capitalise at PHP 100 million (about USD 1.62 million), incorporate in the Philippines and operate to SEC CASP standards
• Token offerors and NFT issuers selling to Filipinos who can prepare regulator-grade pre-offer disclosures and use accredited marketers
• Domestic-facing online gaming operators willing to undergo PAGCOR probity, accept the 30 per cent GGR E-Games fee rate and serve only Filipino players
• Land-based casino licensees wanting to extend online to pre-registered Filipino players via PIGO
• Sports-betting operators targeting the Philippine domestic market under PAGCOR/GAB oversight

Not suitable for

• New pure-play crypto exchanges seeking BSP VASP authorisation while the moratorium remains in place
• Offshore-facing online gaming operators, since POGO/IGL operations are banned outright from 31 December 2024 under Executive Order No. 74
• Crypto platforms unable to fund PHP 100 million in non-crypto capital required for SEC CASP registration (about USD 1.62 million)
• Operators planning to market crypto-assets to Filipinos without 30-day pre-offer disclosure or proper accreditation of third-party marketers
• CASPs unable to demonstrate segregation of customer and company funds
• Gaming operators unwilling to undergo full PAGCOR probity background checks for principals and key officers