Philippines Crypto Licensing: Ultimate Guide
BSP, SEC and AMLC checklist for crypto businesses: licensing paths, capital, KYC/AML, custody, and pre-filing compliance steps.
Before launching a crypto business in the Philippines, I’d map each service to BSP and SEC rules - not rely on company registration or a foreign license. Depending on your services, you may need approval from one regulator or both.
Here’s what I’d check first:
- Approval and capital: BSP minimum capital under Circular No. 1108 is PHP 50,000,000 for custody or administration and PHP 10,000,000 for other covered VASP activities. SEC CASP requirements and separate securities permissions need their own review.
- Filing readiness: Confirm current intake rules, then prepare ownership, financial, and platform documents.
- AML duties: Check AMLC registration requirements and set up identity checks, monitoring, reporting, and recordkeeping.
- Launch limits: <u>A submitted application is not permission to operate.</u> Foreign approval does not replace Philippine approval, and local approval does not make crypto risk-free.
As of October 24, 2026, I’d confirm the current rules directly with the BSP, SEC, and AMLC before filing.
Philippines Crypto Licensing: Pre-Launch Roadmap
BSP and SEC licensing requirements
BSP VASP eligibility, capital, and application process
After mapping each activity to the right regulator, check BSP intake status before filing. As of October 24, 2026, applicants should confirm directly with the BSP whether any intake restrictions, moratoriums, or extensions are in effect.
Applicants must be Philippine-registered corporations with suitable owners and managers, sound governance, customer protection, AML/CFT controls, and adequate technology and data governance. Under Circular No. 1108, minimum capital is PHP 50,000,000 for safekeeping or administration and PHP 10,000,000 for other covered VASP activities. Confirm which category applies before setting your funding budget.
The BSP process begins with a letter of no objection, which is required before SEC incorporation. The Certificate of Authority application follows.
SEC CASP registration and securities permissions
Review SEC CASP filing requirements separately for trading, brokerage, exchange, custody, issuance, and offerings.
CASP registration does not authorize all securities activities. Securities registration, offering approvals, and intermediary permissions may need separate filings.
Once you’ve matched each activity to its filing path, gather the corporate, financial, and technical documents required for each application.
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Application preparation and compliance duties
Once you’ve set the BSP or SEC filing path, turn your service-model classification into a filing plan. Organize the entity, gather evidence, submit the required applications, and track regulator questions. Submitting documents does not authorize launch. Wait until every required approval covers the services you plan to offer.
Corporate, financial, and technical documents
Build one application file containing the activity classification, ownership and beneficial ownership details, corporate registration data, and regulator reference numbers. Include technical evidence of platform features, website details, and compliance and verification controls.
Regulators also need proof that the platform can meet its AML obligations.
AMLC registration, identity checks, and reporting
VASPs must register as covered persons through the AMLC Registration and Reporting System (ARMS). Use risk-based KYC to verify each customer’s identity, address, and source of funds with government IDs and supporting documents. Apply enhanced due diligence to higher-risk customers.
The compliance program must also include sanctions screening, transaction monitoring, record retention, reporting procedures, designated staff, and training. These controls must remain active after approval.
Capital, custody, security, and reporting after approval
Before launch, confirm which regulator issued the authorization, along with its license number and validity period. After approval, keep controls and records current. Monitor regulatory updates and alerts to stay compliant with applicable BSP, SEC, and AMLC requirements.
Licensing risks and limits of foreign approvals
A pending application does not block enforcement. Operating without Philippine approval can lead to penalties and criminal liability. The main risks are scope errors, weak disclosures, and poor controls.
Before launch, review token classifications and listings. Misclassified tokens or listings made without permission can fall outside the approved scope. Customers also need clear information about the legal entity, custody model, and security controls.
Inadequate capital, weak KYC, and custody or security failures can cause customer losses. Foreign approval does not fix these gaps. These rules also apply to operators incorporated abroad: foreign incorporation or licensing does not replace Philippine approval.
A foreign-regulated status, including Kryptonim’s Polish regulation, does not exempt a platform from Philippine KYC and AML duties.
Before depositing funds, check the operator’s legal name, approved services, and Philippine authorization records. Before launch, use the pre-filing checklist to check scope, records, and AML controls.
Conclusion and pre-filing checklist
Classify each proposed service before filing. This determines which approvals and documents you need.
Before submitting an application, review the official BSP, SEC, and AMLC websites with Philippine legal and compliance counsel. Confirm BSP intake rules, eligibility requirements, and capital thresholds; current SEC CASP rules and separate securities permissions; required documents; and AMLC registration requirements.
Before filing, assign responsibility for customer due diligence, risk-based monitoring, suspicious activity reporting, recordkeeping, and staff training. Keep these controls active after filing, through launch, and beyond. Add capital, custody, security, and reporting duties to your compliance calendar.
FAQs
How do I know if I need both BSP and SEC approval?
Which regulator applies depends on your services and the assets you offer. The BSP generally oversees virtual asset exchange and custody services. The SEC typically regulates platforms that offer assets classified as securities, including investment contracts and equity-like tokens.
If your business offers exchange services and also issues or trades investment-type tokens, you may need approval from both regulators. Check how your services fit each regulator’s legal definitions, then consult legal counsel to confirm which requirements apply.
How long does crypto licensing take in the Philippines?
The available information doesn’t state how long crypto licensing takes in the Philippines. The timeline depends on local regulatory procedures. For accurate timing details, check the official guidelines from the relevant financial supervisory authorities in the Philippines.
Do new crypto services require additional approvals?
Yes. Under regulations like MiCA, adding services often means reapplying for authorization from scratch. Regulators review specific activities, including custody, exchanges, and portfolio management. Adding services after you’re licensed can make approval more complicated, increase capital requirements, and require a new submission to your National Competent Authority.
To avoid delays or rejection, define your service scope before applying. Make sure your legal, compliance, and product descriptions all reflect that scope.