Crypto licensing (VASP) in the Philippines

Published:
October 4, 2022
manila 4503501 1280

If you’re considering obtaining a VASP license in the Philippines, it’s important to check the regulations of the region. One of the finest things you can do for your business is to follow the rules, but if you are unfamiliar with the precepts, it can be challenging.

Primary Certification of Signup for crypto business in the Philippines that was formed in 2017. It made the island country of Southeast Asia in the western Pacific Ocean one of the original leading innovators in the regulation of crypto. National bank – BSP, modified both the regulatory and licensing systems in 2021 to comply with the money laundering standards. This was done in response to the growing popularity of cryptocurrencies not just inside the nation but in the whole world.

Overview: Crypto license in Philippines 2022

The virtual asset term has replaced all previous ones under the new framework. It encompasses a wider range of financial goods and services, as well as the fact that the FATF uses it, minimizing ambiguity between the two names.

Given this description, the BSP has taken action to promote economic innovation because it understands the advantages of the speed and simplicity provided by virtual assets systems. Additionally, measures have been developed to mitigate the risks associated with these virtual asset systems, including those related to investor protection, privacy regulations, and info technologies. The Phillipian Islands are now one of the burgeoning locations to establish your crypto enterprise as a result of the BSP’s efforts to guarantee that services that provide virtual asset operation in the nation may benefit from the security of a clear legislation framework. Thus, the crypto license in the Philippines is an excellent proposition to start a crypto business now.

What is needed to be the owner of a crypto license and business in the Philippines?

The following obligations with which permits must comply:

  • Management of liquidity and operational risk
  • IT risk management (includes vendor management and IT outsourcing)
  • Managing business continuity
  • Internal regulation
  • Money-laundering prevention
  • Consumer financial security

Internal control for cryptocurrency exchange license in the Philippines

  • There must obviously be internal management processes and frameworks that are appropriate for the company’s size, complexity, and nature, and they must be implemented and enforced by competent staff.
  • This involves making sure that the board of directors and key positions managing control activities including compliance, information security, audit, and anti-money laundering are held by qualified individuals following the accepted corporate practices.
  • These executives are responsible for ensuring that the Annual Financial Statements, which have undergone an external audit, are submitted no later than 120 days following the end of the year. Additionally, no later than 10 business days following the end of the referred quarter, a certified quarterly submission of the total volume and value of permits transacted as well as a list of operational offices and sites will be requested.

Consumer defence

VASPs must make sure that their clients understand how to utilize the given platforms responsibly and how to protect their personal information. Along with the tangible hazards associated with VAs, the costs and expenses associated with employing these platforms must be disclosed. Additionally, they must outline the conditions under which damages brought on by computer or human mistakes will be compensated.

Finally, they need to put in place processes for dealing with client complaints and for resolving issues.

To obtain licenses for cryptocurrencies in the Philippines or get more info on them, you can consult with our team of attorneys.

Our specialists will help you choose the best option among various businesses for sale. Feel free to contact us anytime.

Related insights

Why Investing in Overseas Real Estate Still Makes Sense in 2025

Diversifying assets overseas through real estate acquisition still seems like a fantastic strategy for the future, even in today’s world full of fluctuating economies and global uncertainty. Apart from probably good financial returns, it delivers a couple of lifestyle benefits and global security that other investments fail to meet. Here is why it is still…

Read more 11.07.2025

Buying a Hotel Business: Pros, Cons, and Pitfalls

Investing in a hotel can be a fascinating chance to start a new business. Hotels aren’t just places to stay—they’re where people make special memories. But buying a hotel for sale isn’t just about signing papers. There are many things to think about to make sure it’s a good decision. In this article, you’ll learn…

Read more 07.07.2025

Checklist: How to Safely Buy Property Abroad

Are you dreaming about acquiring new real estate? It is a very responsible step which requires a lot of careful stages. Sometimes it can be really complex, but the result you get is always pleasing. Purchasing housing in another country can be a more complicated process than in your home nation. That’s what we’ll discuss…

Read more 07.07.2025

Which Types of Commercial Properties Are the Easiest to Rent Out?

If you’re mulling over putting your money into real estate, one of the first things to take into account is how easy it will be to find tenants. Some types of properties rent out faster because more businesses need those kinds of spaces. Here, we’ll look at some of the property types that usually lease…

Read more 07.07.2025

Top 10 Gambling Friendly Countries in 2025

It is 2025 and wagering is mainstream, cross-continental, and more supervised than ever. Whether you’re launching a new casino brand, scaling your sportsbook, or acquiring an iGaming start-up, location still matters. The following nations are leading the way — balancing opportunity and oversight, innovation and accountability. That’s where the legal money’s heading. This year, interest…

Read more 07.07.2025

Hotel chains: recognizable brands, guaranteed income

Investing in hotel brands is an investment in stability. Well-known chains guarantee quality of service and recognition. Wherever the hotel is located, the standards of service will remain at the top. For regular guests it means bonuses and privileges, and for the investor it means stable income. Hotel rooms with guaranteed rent in Izmir This…

Read more 24.06.2025

Gambling license on the Isle of Man

Fewer than 60 active entities presently run through valid Isle of Man gambling license credential. The scarcity stems due to territory’s tight supervisory approach. Still, using evolving measures rolled out by Isle of Man Isle of Man Gambling Control Board, cross-border expansion now appears more achievable for international gaming operators. “Reliability has long anchored this…

Read more 24.06.2025

Investment opportunities in Dubai 2025

The scene presents you in Dubai with the massive Burj Khalifa standing tall in front of you while its lights shine bright against the dark nighttime background. I traveled there before and the city delivered a strong positive impact on me. Through the 2033 Economic Agenda D33 aims to expand Dubai’s economy to twice its…

Read more 19.06.2025

Kahnawake Gambling license

Not so big share of gamble firms keeps Kahnawake gambling license, partly because the jurisdiction hasn’t always drawn the spotlight like Curacao or Malta. But recent shifts by local Commission are starting to alter it, with specific professional consultants mentioning clearer terms, lower practical burdens, and growing interest from digital casino platforms. “It’s tailored more…

Read more 17.06.2025

Malta Gambling License

The gamble market is booming, and picking the right permit can make or break your venture. Some operators choose speed and low upfront costs, while others value long-term trust and reach. The Malta permit stands out for its solid reputation and comprehensive market access. Submission rate barely 30 for Malta gaming license 2025, despite Malta…

Read more 17.06.2025

Licensing in El Salvador: Building a Bridge Between Traditional and Crypto Finance

El Salvador has resorted to making some steps in the digital finance world so as crypto businesses were easier to operate. It is of high importance to know local rules in case you are going to start a platform for sending, storing, or managing digital assets. It will help to not face hazards, protect reputation,…

Read more 17.06.2025

Strategic considerations and licensing criteria for CASPs

There might be a need of yours to have MiCA researched if you earn money by providing diverse crypto stuff. You need to do that to realize how your business can adapt to the new law before on 30 December 2024 applications open for EU members. Despite the availability of up-to-date information about the MiCA…

Read more 17.06.2025