Disclaimer: This content is provided for informational purposes only and shouldn’t be considered financial advice. BitPinas maintains no financial connections with entities mentioned unless explicitly stated.
📬 Stay updated on the most important cryptocurrency developments in the Philippines and Southeast Asia each week – subscribe to the BitPinas Newsletter.
The Philippines’ central bank, Bangko Sentral ng Pilipinas (BSP), is prolonging its suspension of new Virtual Asset Service Provider (VASP) license approvals. This continues a policy initially implemented three years ago, when the initial freeze was announced.
According to a memo released on August 20, 2025, the BSP’s decision stems from persistent worries about protecting consumers and preventing cybercrimes. The moratorium, which began in 2022, will remain in force from September 1, 2025, and will be re-evaluated based on national and global developments.
The BSP stated that current assessments indicate the risks of lifting the ban outweigh the potential benefits, even while acknowledging the role of blockchain technology and digital platforms in the financial sector. Previous guidelines from the regulator specified that existing BSP-regulated institutions, such as banks with “stable” ratings under its Supervisory Assessment Framework, are still eligible to apply for VASP licenses.
This action follows the Securities and Exchange Commission’s (SEC) recent introduction of updated rules for cryptocurrency service providers. On May 30, the SEC finalized its Crypto Asset Service Provider (CASP) framework, broadening the definition of “marketing” to encompass nearly all public communications, including social media posts, events, advertisements, and airdrops.
The SEC indicated that these regulations, which went into effect on July 5 via Memorandum Circulars No. 4 and 5, are designed to combat scams and misleading promotions while enhancing disclosure requirements. In a live broadcast, SEC Assistant Director Paolo Ong clarified that these measures primarily target licensed platforms, while separate rules will govern financial advisory services.
This is a developing story: Breaking: BSP Extends Ban on New Crypto Exchange VASP License Applications
Stay informed on the latest happenings in the cryptocurrency space in the Philippines and beyond.