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The Philippines has emerged as one of Southeast Asia’s most progressive nations in embracing digital assets. It all began in 2017 when the Bangko Sentral ng Pilipinas (BSP) introduced a formal regulatory framework for virtual currency exchanges and crypto-to-fiat service providers. This bold move not only legitimized cryptocurrency activity but also laid the groundwork for widespread adoption nationwide.
Fast forward to 2025, and the Philippines now ranks 20th globally in crypto wealth—an impressive feat driven by a tech-savvy population, robust remittance flows, and forward-thinking regulation. Here’s how the country’s crypto journey has evolved and what the current landscape looks like.
August 2025: House Bill (HB) No. 421
July 30, 2025 – Launch of Blockchain-Based System to Verify Government Documents
June 12, 2025 – Enforcement of Memorandum Circulars 4 and 5
All the regulations under circulars 4 and 5 came into effect on June 12. The rules were introduced to protect crypto investors and users and maintain trust.
May 30, 2025- Memorandum Circular No. 4 and 5
Time of Major Crypto Regulations in the Philippines:
| Date | Law/ Regulation | Details |
| May 9, 2023 | Philippine Peso Backed Stablecoin (PHPC) | Takes place under the central bank’s regulatory sandbox |
| November 28, 2022 | Financial Products and Services Consumer Protection Act | Consumer protection for crypto and other digital assets |
| September 1, 2022 | BSP Memorandum No. M-2022-035 | After serving a three-year period, it will expire on September 1, 2025 |
| January 26, 2021 | BSP Circular No. 1108 | BSP expands CASPs registration with AML/CFT compliance |
| 2018 | BSP Travel Rule for crypto | Requires sender/ recipient info for crypto transactions above P50,000 |
The Philippine government aspires to become a regional leader in technology with cryptocurrency and blockchain development. Recently, the Philippines Department of Finance expressed its commitment to creating a regulatory framework for crypto assets to combat cross-border tax evasion. Major proactive crypto approaches taken by the government are:
| Crypto tax | Tax rate | Details |
| Capital gains tax (CGT) | Up to 15% | Selling crypto for fiat or exchanging for goods is taxable |
| Income tax | Standard income tax in the Philippines | Mining, staking, and receiving crypto as payment |
| Value Added Tax (VAT) | 12% | Selling goods in exchange for crypto payments |
The Philippine government recently implemented mandatory license regulation for all crypto asset service providers (CASPs). What does it require?
Since the government implemented stricter rules in cryptocurrency, many crypto companies and platforms are using safety protocols and adhering to SEC regulations. Some of the best crypto exchanges in the Philippines are Youholder, Bybit, Cex.io, Bit Get, and Bigone, which leaves the least chance for any risks. With enhanced security measures and transparency approaches in crypto transactions, the Philippines will be positioning itself as a crypto hub in the near future.
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