Short answer: Crypto trading remains legal in the Philippines in 2026, but the rules tightened. Under the SEC's new Crypto-Asset Service Provider (CASP) rules — effective 5 July 2025 — every platform must register, hold at least ₱100 million in paid-up capital, and keep a physical local office. Separately, the BSP froze new VASP licenses from 1 September 2025, and privacy coins are now banned under stricter listing rules. The practical takeaway: use registered platforms like Coins.ph and Maya.
Here's what actually changed and what it means for regular users and OFWs.
Crypto is legal — but every platform must now be registered
The Philippines runs a dual regulatory system: the BSP licenses Virtual Asset Service Providers (VASPs), and the SEC now regulates Crypto-Asset Service Providers (CASPs). The SEC's CASP Rules (Memorandum Circulars 04 & 05, Series of 2025) took effect 5 July 2025. Trading stays legal, but operating a platform without registration does not.
CASP requirements include:
- ₱100 million minimum paid-up capital (excluding crypto assets)
- A physical office in the Philippines
- Segregation of customer funds, risk disclosures and AML compliance
The BSP license freeze and the privacy-coin ban
Two changes users should know:
- The BSP froze new VASP license applications from 1 September 2025, citing consumer protection and cybercrime. New entrants must go the SEC CASP route or acquire an existing BSP-licensed VASP.
- The SEC issued stricter listing rules and banned privacy coins on registered platforms.
Registered vs unregistered (quick table)
| Factor | Registered (BSP/SEC) | Unregistered |
|---|---|---|
| Legal to operate | Yes | No — flagged by SEC |
| Customer fund protection | Required | None |
| Privacy coins | Banned | — |
| Examples | Coins.ph, Maya | — |
Tax: crypto is treated as property
The Bureau of Internal Revenue (BIR) treats crypto as property, not legal tender — so transactions can create tax events. Revenue Regulations No. 15-2024 cover digital platforms, with VAT applying to certain digital services. Keep records; report gains.
Good news for families: personal OFW remittances sent as support are generally not treated as income, and the Philippines has no 1% crypto transaction tax like India.
What it means for you (practical steps)
- Use a registered platform (Coins.ph, Maya) — legal, with fund protection.
- OFWs: stablecoin remittances still work and cash out to GCash/Maya; keep records.
- Skip privacy coins on local platforms — they're banned.
- Self-custody larger holdings — the exchange is where you buy, not where you store.
FAQ
Is crypto legal in the Philippines in 2026?
Yes. Trading is legal, but platforms must be registered under the SEC CASP rules (effective 5 July 2025) or hold a BSP VASP license.
Can new exchanges get a license?
The BSP froze new VASP applications from 1 September 2025; new entrants use the SEC CASP route or acquire an existing VASP.
Are privacy coins allowed?
No — the SEC banned privacy coins under stricter listing rules.
How is crypto taxed?
The BIR treats it as property; transactions can be taxable. There is no 1% transaction tax as in India.
Educational information, not financial or tax advice; rules can change, verify with the BSP/SEC/BIR. Full Philippines guide (remittances, GCash/Coins.ph cash-out, safety): Send Money to the Philippines with Crypto.
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