BSP Pauses New Crypto Licenses as 10 VASPs Serve PH Market
The Bangko Sentral ng Pilipinas stopped accepting new Virtual Asset Service Provider applications. Ten licensed platforms currently operate in the Philippines under the central bank's regulatory framework, which requires identity checks, transaction monitoring, and anti-money laundering controls.
Key Takeaway
BSP froze new crypto licenses while keeping 10 VASPs operational under strict compliance rules that exclude unregulated platforms.
BSP decided to pause new VASP applications despite 10 licensed platforms already operating in the Philippines under its regulatory framework.
The central bank oversees cryptocurrency activity through its Virtual Asset Service Provider framework established under Circular 1108. Identity checks, transaction monitoring, and anti-money laundering controls are built-in requirements for all licensed platforms, not optional features. Bitcoin and other cryptocurrencies are not treated as legal tender in the Philippines but are recognized as assets that carry value and can be traded or held for investment.
VASP licenses split into two categories: bank-backed platforms that embed crypto features into existing apps, and non-bank players offering crypto-first services with broader asset selections and over-the-counter networks. Transactions routed outside the licensed VASP system do not carry the same regulatory protection, creating compliance risks for users who opt for unlicensed platforms.
The Philippines ranks as one of Southeast Asia's more active crypto markets, shaped by strong remittance culture and a population increasingly comfortable with digital finance. Licensed platforms support InstaPay, PESONet, e-wallets, and physical cash exchanges for converting pesos to Bitcoin.
Account names must match across VASP accounts and funding sources. Mismatches tend to slow things down or block transactions altogether, creating friction in the onboarding process for users trying to deposit pesos through bank transfers or e-wallet top-ups.
The regulatory framework requires platforms to complete risk assessment questionnaires for certain users, collecting financial background information beyond basic identity verification. The BSP updated its list of licensed VASPs on April 14, 2026.
🇵🇭 Filipino Impact
Filipino Bitcoin buyers can only use 10 BSP-licensed platforms like PDAX and Coins.ph to get regulatory protection — unlicensed exchanges don't qualify. The VASP license freeze means no new local competitors will enter the market until BSP reopens applications, limiting platform choices for remittance-heavy users. Names must match between bank accounts and VASP profiles or transactions get blocked, affecting OFWs who send money through relatives' accounts.
This article was written based on reporting from Fintechnews.
