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Quick answer — Philippines, 2026

• Yes, owning and trading crypto is legal for residents, but crypto is not legal tender (only the peso is).
• Crypto gains and income are taxable; declare them in your annual BIR return.
• Buy through a BSP-licensed exchange or e-wallet (verify its status first), complete ID checks, and fund in pesos.

The Philippines is one of Southeast Asia's most active cryptocurrency markets, with high retail adoption, a large remittance and play-to-earn community, and a regulatory framework that matured significantly in 2025. Buying, holding, selling and using cryptocurrencies such as Bitcoin is legal for residents, but the sector is supervised: the central bank (the Bangko Sentral ng Pilipinas) licenses crypto exchanges as Virtual Asset Service Providers, the Securities and Exchange Commission now regulates Crypto-Asset Service Providers under rules that took effect in July 2025, and the tax authority expects crypto gains and income to be declared.

This guide explains the current state of Philippines crypto regulation as of 2026 in plain language: who regulates what, how crypto is treated for tax, the licensing rules for exchanges, how anti-money-laundering rules apply, and the practical steps to buy and use crypto safely. It is general information only, current as of 2026, and is not legal, tax or financial advice. Philippine crypto rules are evolving quickly, so always confirm the latest position with the Bangko Sentral ng Pilipinas (BSP), the Securities and Exchange Commission (SEC), the Bureau of Internal Revenue (BIR), or a qualified Philippine professional before acting. For background, see our guide to crypto regulation and the wider country regulation hub.

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Yes. No Philippine law prohibits individuals or businesses from buying, holding, selling or transferring Bitcoin and other cryptocurrencies. Crypto is treated as a regulated financial activity rather than a banned one, and regulators have publicly confirmed that trading itself is not prohibited.

An important distinction applies: cryptocurrency is not legal tender in the Philippines. The Philippine peso (PHP), issued by the Bangko Sentral ng Pilipinas, is the only legal tender, and no merchant is obliged to accept crypto. What the law requires is that any business providing crypto services to the public, such as exchanges and platforms that convert between crypto and pesos, operate under the appropriate licence or registration and follow anti-money-laundering rules. In short, using crypto as an individual is legal; running a crypto business serving the Philippine public is legal only if you are properly authorised and supervised.

Crypto oversight in the Philippines is shared between two principal regulators, working alongside the tax authority and the anti-money-laundering body.

The central bank supervises Virtual Asset Service Providers (VASPs), which broadly covers businesses that exchange crypto for fiat (or one crypto for another), transfer virtual assets, or hold and administer them for customers. The BSP regulates VASPs principally under BSP Circular No. 1108 (2021). VASPs must register with the BSP, meet capital and governance standards, and follow Know Your Customer (KYC) and Anti-Money Laundering (AML) obligations. See the central bank's official site, the Bangko Sentral ng Pilipinas.

In 2025 the SEC introduced a dedicated regime for Crypto-Asset Service Providers (CASPs) through Memorandum Circular No. 4 and No. 5, Series of 2025, which were issued on 30 May 2025 and took effect on 5 July 2025. These rules establish registration, capital, disclosure and conduct requirements for firms that offer crypto-asset services or market crypto tokens to the Philippine public, and they cover public offerings of crypto-assets. The official regulator is the Securities and Exchange Commission of the Philippines.

The Bureau of Internal Revenue (BIR) handles taxation of crypto gains and income, while the Anti-Money Laundering Council (AMLC) enforces AML duties. The practical takeaway is that the rulebook is split: the BSP focuses on money-transmission and custody, while the SEC focuses on offerings and investment-type services. Reputable platforms hold the relevant authorisation from one or both, depending on what they do.

The Philippines does not have a single, standalone "crypto act." Instead, several existing laws and regulator-issued rules combine to govern the sector:

• BSP Circular No. 1108 (2021) sets out the VASP licensing and supervision framework administered by the central bank.
• SEC Memorandum Circular No. 4 and No. 5, Series of 2025 (the CASP Rules), effective 5 July 2025, create the registration and conduct regime for crypto-asset service providers and for the marketing and public offering of crypto-assets.
• The Anti-Money Laundering Act (Republic Act No. 9160, as amended) brings VASPs and CASPs within scope as covered persons, with reporting and customer-due-diligence duties to the AMLC.
• The National Internal Revenue Code (Tax Code) is the basis for taxing crypto gains and income, since the BIR applies general tax law rather than a dedicated crypto statute.

Other general laws on securities, consumer protection and electronic commerce can also apply depending on the activity. Because this framework is built from multiple instruments and is still developing, you should always verify the current text and any new issuances directly with the relevant regulator.

Any platform offering crypto services to Philippine residents is expected to be authorised, as a BSP VASP and, where its activity touches offerings or investment-type services, under the SEC's CASP regime.

Under the SEC's 2025 CASP Rules, widely reported requirements include that a CASP must be a corporation registered with the SEC, maintain a physical office in the Philippines, hold a minimum paid-up capital of PHP 100 million (excluding crypto-assets), segregate customer funds, disclose risks clearly, and run an AML/CFT programme. Public offerings of crypto-assets generally require a disclosure document filed with the SEC and published at least 30 days before marketing or the offering begins. Registered CASPs face extensive ongoing reporting obligations.

A significant development for the VASP side is that the BSP has suspended the issuance of new VASP licences. A three-year moratorium imposed in September 2022 was, effective 1 September 2025, extended indefinitely, citing heightened risks in the sector; the BSP says it will periodically review the policy. Reporting at that time indicated only around a dozen BSP-licensed VASPs, with fewer than that actively operating. The practical effect is that the pool of newly licensed local exchanges is frozen, while existing licensees continue to operate. Always confirm a platform's current status against the BSP's official list of registered VASPs and the SEC's CASP records before depositing funds.

The Bureau of Internal Revenue (BIR) treats cryptocurrency gains and income as taxable. There is no "crypto exemption." The BIR has not issued a dedicated crypto tax regulation; instead it applies the general National Internal Revenue Code, under which income from whatever source, including digital assets, is taxable.

The widely cited professional view is that gains from selling or trading crypto, and income received in crypto (for example from mining, staking, freelancing or play-to-earn rewards), are generally treated as ordinary income taxed at regular income-tax rates, rather than under the separate capital-gains-tax regime that applies to certain other assets. Because the Philippines has no crypto-specific tax statute, the rate you pay is the ordinary one for your situation: the graduated schedule under Republic Act No. 10963, running from 0 percent to 35 percent, or, for qualified self-employed individuals and professionals whose gross sales stay within the PHP 3,000,000 VAT threshold, an optional flat 8 percent on gross sales or receipts and other non-operating income above PHP 250,000 in place of the graduated rates. No enacted Philippine provision sets a crypto-specific capital-gains rate, so any single headline percentage quoted online is not law. The rates that do apply are the ordinary income-tax rates under Republic Act No. 10963, which start at zero on the first PHP 250,000 of annual taxable income and reach 35 percent above PHP 8,000,000. See our crypto taxes overview for general background.

Reliable practical points:

• Crypto income and gains are generally taxable and should be included in your annual income-tax return filed with the BIR.
• Keep detailed records: dates, amounts, peso values at the time of each transaction, fees and the purpose.
• Penalties, interest and back taxes can apply to undeclared income.
• Record-keeping is becoming more important: the Department of Finance has said the Philippines will adopt the OECD Crypto-Asset Reporting Framework (CARF), which supports automatic exchange of crypto-account data between tax authorities, with implementation targeted by 2028.

This is not tax advice. For the current rates, forms and deadlines that apply to you, consult the Bureau of Internal Revenue or a licensed Philippine accountant or tax lawyer.

Both BSP-licensed VASPs and SEC-registered CASPs are covered persons under the Anti-Money Laundering Act, supervised by the Anti-Money Laundering Council (AMLC). Registration as a covered person with the AMLC is mandatory, not optional, and these businesses must run a full AML/CFT compliance programme.

What this means in practice:

• KYC and customer due diligence. Licensed platforms must verify customer identities using reliable documentation, typically a government ID and selfie or document checks, before you can fund, trade or withdraw.
• The FATF Travel Rule applies. VASPs must collect and pass on originator and beneficiary information for qualifying transfers. BSP Circular No. 1108, in force since 5 February 2021, sets the Travel Rule threshold at PHP 50,000 or its foreign-currency equivalent. At or above that figure the originating institution must obtain, retain and transmit the originator's name and account number plus one further identifier (physical address, national identity number, unique identification number, or date and place of birth), together with the beneficiary's name and account number. All virtual asset transfers, domestic or cross-border, are treated as cross-border wire transfers. The BSP said on 10 July 2026 that it plans to expose proposed amendments to Circular No. 1108 for public comment, with no draft or timeline yet published.
• Reporting. Providers file Covered Transaction Reports for transactions above the statutory threshold and Suspicious Transaction Reports for red-flag activity regardless of amount.

For users, this means more identity checks and information requests than in an unregulated market, but also a cleaner path for funds into the banking and e-wallet system. The official body is the Anti-Money Laundering Council.

Filipinos can buy crypto through BSP-licensed exchanges and e-wallets, peer-to-peer marketplaces, and some international platforms. The defining rule is that any platform offering crypto-to-peso services to residents should be properly registered. What this means for users:

• Identity verification is standard. Licensed platforms require KYC before you can fund an account or withdraw to pesos.
• Use registered providers. Regulators have repeatedly cautioned against unregistered platforms and have moved to block access to illegal trading sites. Check whether an operator appears on the BSP's list of registered VASPs or holds SEC CASP authorisation before depositing.
• Funding methods commonly include bank transfers, the InstaPay and PESONet rails, debit cards and e-wallet top-ups.

A typical, compliance-friendly path to buy Bitcoin: choose a licensed platform and confirm its status with the regulator; complete KYC; fund your account in pesos; place a market or limit order after reviewing the price, spread and fees; for meaningful amounts, move coins to a wallet you control (a hardware wallet offers strong protection) and back up your recovery phrase offline; and keep records for tax. Remittances are a major real-world use case: a sender abroad converts to crypto or a stablecoin, transfers it, and the recipient cashes out to pesos through a licensed local exchange or e-wallet, subject to AML checks and conversion costs. Beware of unsolicited "investment managers," guaranteed-return offers and platforms that discourage withdrawals, which are classic scam signals Philippine regulators repeatedly flag.

Bitcoin ATMs have a limited footprint in the Philippines compared with markets like the United States, and where they exist they are mostly in larger cities. An ATM operator that converts cash to crypto for the public performs a virtual-asset service and would be expected to fall under the BSP's VASP framework, including KYC and AML duties. Given the BSP's cautious licensing stance and the popularity of mobile e-wallets, most Filipinos buy crypto through apps rather than kiosks. If you use a crypto ATM, expect identity checks beyond very small amounts and compare the quoted rate and fees against an online exchange, as kiosk margins are often high.

Bitcoin mining is not banned, but it is not a major industry locally, and the main constraint is economics rather than a specific prohibition. Electricity prices in the Philippines are among the higher ones in the region, making large-scale proof-of-work mining hard to run profitably. Mined coins and mining income are generally treated as taxable income by the BIR, so keep records of the peso value of rewards when received, and standard business, electrical-safety and customs rules apply to any sizeable operation. For most participants, buying crypto on a licensed exchange is far more practical than mining it.

The period from 2025 into 2026 brought the most significant regulatory changes the Philippine crypto sector has seen:

• SEC CASP Rules took effect on 5 July 2025 (Memorandum Circular No. 4 and No. 5, Series of 2025), creating the country's most comprehensive framework yet for crypto-asset service providers, including registration, a PHP 100 million capital requirement and disclosure obligations.
• The BSP extended its VASP licensing moratorium indefinitely from 1 September 2025, freezing new local exchange licences while citing heightened risks.
• Enforcement against unregistered platforms intensified. In an advisory dated 1 August 2025 the SEC publicly warned against and moved to block access to around ten offshore exchanges operating without local registration, including names such as OKX, Bybit, KuCoin and Kraken; internet providers displayed block pages citing local rules, and in late December 2025 the National Telecommunications Commission ordered internet service providers to block 50 unlicensed platforms at the BSP's request, citing Section 902-N of the Manual of Regulations for Non-Bank Financial Institutions, BSP Circular No. 1206 (Series of 2024) and Republic Act No. 11211; the full list of 50 was not released, so no published roster of named exchanges exists. The SEC has stressed that this is not a ban on crypto trading but a requirement for platforms to be registered.
• Tax transparency commitment. The Department of Finance said the Philippines will adopt the OECD Crypto-Asset Reporting Framework (CARF), which provides for automatic exchange of crypto-account information between tax authorities. The commitment, made in June 2025, targets implementation by 2028, alongside dozens of other jurisdictions.

Because policy, tax guidance and enforcement are all still moving, treat any specific figure or list as a snapshot and confirm the current position with the official regulators.

The Philippines has moved toward a clearer, supervised regime, but crypto remains high-risk. Key risks to understand:

• Market volatility. Crypto prices can move sharply in either direction, and you can lose a substantial part, or all, of your money.
• Scams and unlicensed platforms. Investment fraud is a persistent problem; authorities frequently warn the public and have blocked illegal trading sites. Unregistered platforms offer no local legal recourse if things go wrong.
• No legal-tender status or deposit-style protection. Crypto holdings are not covered by deposit insurance, and merchants are not obliged to accept crypto.
• Custody and platform risk. Funds held on a third-party platform depend on that platform's solvency and security.

Sensible risk management: invest only money you can afford to lose, keep crypto a small part of a diversified portfolio, avoid leverage and "guaranteed return" offers, verify a platform's licensing directly with the regulator, and for larger holdings self-custody with a hardware wallet and an offline backup of your recovery phrase. The SEC warns that unauthorised platforms expose users to total loss, fraud, market manipulation and misuse for money laundering.

Crypto rules in the Philippines change frequently, so always check primary sources before acting. The authoritative regulators and their official websites are:

• Bangko Sentral ng Pilipinas (BSP), the central bank, for VASP licensing, the list of registered VASPs and advisories.
• Securities and Exchange Commission (SEC) for the CASP Rules (Memorandum Circular No. 4 and No. 5, Series of 2025), public offering rules and investor alerts.
• Bureau of Internal Revenue (BIR) for tax obligations, forms and deadlines.
• Anti-Money Laundering Council (AMLC) for AML and Travel Rule requirements.

To verify a platform, look for its name on the BSP's registered-VASP list and check whether the SEC has issued any advisory against it. This page is general information current as of 2026 and is not legal, tax or financial advice; readers should confirm their specific situation with the named official regulators or a qualified Philippine professional. For more, see our crypto regulation guide.

Facts reviewed: 5 August 2026. Page updated: 5 August 2026.

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