The Philippine Securities and Exchange Commission has issued a new regulatory framework covering the marketing, issuance and trading of crypto-assets in the Philippines, alongside registration and operational requirements for crypto-asset service providers (CASPs) and third-party marketers. The framework sets disclosure and licensing conditions for crypto-asset offerings and restricts marketing and inducements to purchase crypto-assets or crypto-asset services to appropriately registered and licensed entities. Under the CASP Rules and CASP Guidelines, crypto-assets and crypto-asset securities may not be offered or sold in the country without a disclosure document or registration statement filed with and approved by the SEC, as applicable. Disclosure documents for crypto-asset offerings must be filed by the offeror and published on the platform’s website, social media and other channels at least 30 days before marketing or the offering, and must cover the issuer and offeror, key features, risks and prospects, and the underlying technology; good-faith educational content purely for educational purposes is excluded from “marketing”. The framework also captures initial coin offerings to the extent they constitute a sale of securities, treats CASPs as covered persons under the Anti-Money Laundering Act subject to SEC and Anti-Money Laundering Council supervision, and sets CASP registration conditions including corporate registration, minimum paid-up capital of PHP 100 million (excluding crypto-assets), a staffed physical office, a PHP 50,000 filing fee, and ongoing supervision fees based on prior-year gross revenue. Operational requirements include maintaining reports on active users and daily trading summaries, providing investors with available information from reputable sources on products traded, ensuring fair access and professional conduct, establishing a local data centre (with conditions for offshore IT outsourcing), and legally and operationally segregating customer crypto-assets from the CASP’s own assets; the SEC may refuse or suspend authorisations in specified circumstances, and willful violations may be punishable by one to five years’ imprisonment or fines from PHP 50,000 to PHP 10 million.
Philippine Securities and Exchange Commission 2025-06-11
Philippine Securities and Exchange Commission issues rules requiring registration and disclosures for crypto-asset service providers and crypto-asset offerings
The Philippine Securities and Exchange Commission has introduced a regulatory framework for crypto-assets, including registration and operational requirements for service providers and marketers. It mandates disclosure, restricts marketing to registered entities, and subjects providers to Anti-Money Laundering supervision. Conditions include a PHP 100 million minimum capital and operational requirements like trading reports and asset segregation.