The BSP regulations on virtual asset service providers (VASPs) are fairly recent, and this is seen as the policymakers trying to catch up with virtual asset (VA) systems that are delivering financial services in faster and more economical means. Acceptance and use of VASPs is on the rise in the Philippines. In August 2025, the BSP announced that the moratorium on the issuance of new licenses for VASPs shall continue indefinitely. While the BSP recognizes the advantages the roll-out of such services provide, it noted continued concerns on consumer protection and increasing issues on cybercrime as the main driver for the continued moratorium. With respect to existing VASPs, they continue to be able to operate under the regulatory supervision of the BSP.
Similarly, the SEC has recently introduced its own regulatory framework for Crypto Asset Service Providers (CASPs), signaling that crypto-related financial services are not only accepted but are also subject to oversight by both the BSP and the SEC, depending on the nature of the services involved. This reflects a broader national attitude of cautious openness toward the crypto industry.
For additional information, see the Philippine chapter of the Global Fintech Guide by Rose Marie M. King-Dominguez, Melyjane G. Bertillo-Ancheta, Hiyasmin H. Lapitan, John Paul V. de Leon, and Patrick Edward L. Balisong, published in Multilaw
