What is a VASP license in the Philippines?

VASP (Virtual Asset Service Provider) license is required under BSP Circular No. 1108 for businesses dealing with virtual assets like cryptocurrencies. VASPs must first obtain a Certificate of Authority as a Money Services Business (MSB).

How many licensed crypto exchanges are in the Philippines?

As of 2026, there are approximately 19 BSP-licensed VASPs in the Philippines, including Coins.ph, PDAX, Bloom Solutions, and others licensed before the moratorium.

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🇵🇭 Philippines Crypto License Guide 2026

Q: Can I get a new crypto license in the Philippines?

Currently difficult. The BSP has maintained a moratorium on new VASP licenses since 2022, extended multiple times through 2025. The moratorium is for assessment and compliance review purposes.

BSP VASP Registration Requirements

⚠️ Moratorium Alert: The BSP has extended its moratorium on new VASP licenses through 2025. New applications are currently not being accepted while the regulator reviews the framework.

~19

Licensed VASPs

BSP

Primary Regulator

115M

Population

⏸️

New Licenses

📋 Regulatory Framework

Aspect	Details
Primary Regulator	Bangko Sentral ng Pilipinas (BSP)
Secondary Regulator	SEC Philippines (for token offerings)
Key Regulation	BSP Circular No. 1108 (2021)
Earlier Framework	BSP Circular No. 944 (2017)
License Type	Virtual Asset Service Provider (VASP)
Prerequisite	MSB (Money Services Business) Certificate of Authority

📝 VASP License Requirements

Step 1: MSB Certificate First

Before applying for VASP registration, you must obtain a Certificate of Authority to operate as a Money Services Business (MSB) from the BSP.

VASP Requirements (BSP Circular 1108)

Philippine Corporation: Must be incorporated in the Philippines
Physical Presence: Office in the Philippines
Minimum Capital: As prescribed by BSP
AML/CFT Compliance: Full compliance with AMLA (RA 9160)
Cybersecurity: Robust security standards
Risk Management: Comprehensive risk framework
Consumer Protection: Clear disclosures, complaint mechanisms
Qualified Personnel: Experienced management team

⚠️ Current Status: The BSP moratorium on new VASP licenses has been in place since 2022 and was extended through 2025. Check BSP announcements for current status before planning applications.

🏢 Licensed VASPs in Philippines

Company	License Date	Services
Coins.ph	2017	Exchange, wallet, payments
PDAX	2020	Exchange
Bloom Solutions	2018	Exchange, remittance
SurgePay (DA5)	2023	Exchange, wallet
Coinville	Pre-moratorium	Exchange
Bexpress	Pre-moratorium	Exchange
~13 more licensed VASPs

⚖️ Dual Regulatory Oversight

The Philippines has dual regulation for crypto:

Regulator	Scope	Framework
BSP	VASPs, exchanges, payment services	Circular 1108
SEC Philippines	Token offerings, securities, CASPs	CASP Rules

💡 SEC vs BSP:

BSP: If you're operating an exchange or payment service
SEC: If you're issuing tokens or operating as Crypto Asset Service Provider
Some businesses may need both

🌏 Philippines vs Other ASEAN Markets

Factor	🇵🇭 Philippines	🇮🇩 Indonesia	🇹🇭 Thailand
Regulator	BSP/SEC	OJK	SEC
New Licenses	Moratorium	Available	Available
Licensed Entities	~19	Multiple	~10
Population	115M	275M	70M
Crypto Adoption	High	High	Medium-High
Remittance Use	Very High	Medium	Low

💡 Why Philippines?

Remittance hub: $38B+ annual remittances, crypto adoption for transfers
English-speaking: Easier operations for international companies
Young population: Tech-savvy demographics
Gaming/Web3: Strong Axie Infinity / play-to-earn adoption

📅 Regulatory Timeline

2017: BSP Circular 944 - First crypto framework
2021: BSP Circular 1108 - Stricter VASP requirements
2022: BSP moratorium on new VASP licenses begins
2023-2025: Moratorium extended multiple times
2025: SEC introduces CASP rules
2026: Awaiting moratorium lift / framework update

❓ Frequently Asked Questions

Can I get a new crypto license in the Philippines?

Currently difficult. The BSP has maintained a moratorium on new VASP licenses since 2022, extended through 2025. Monitor BSP announcements for updates on when new applications will be accepted.

What's the difference between BSP and SEC regulation?

BSP regulates VASPs (exchanges, wallets, payment services). SEC regulates token offerings and CASPs. If you're running an exchange, you need BSP. If issuing tokens, you need SEC.

How much does a Philippines crypto license cost?

Specific costs depend on BSP requirements. You need to first obtain MSB certification, then VASP registration. Budget for significant capital requirements, legal costs, and compliance setup.

🔗 Related Resources

📬 Get Philippines Regulatory Updates

Last Updated: February 27, 2026
Sources: BSP, SEC Philippines, BSP Circular 1108
Disclaimer: For educational purposes only. Consult licensed professionals for specific advice.