On Jun. 11, 2025, PHI SEC commented on Rules on crypto-asset service providers.
CASPs must pay PHP 50k registration fee, supervision fees based on gross revenue.
Violators of Rules on crypto-asset service providers, Securities regulation code, or related laws may face penalties i.e. 1-5 years in prison or fines from PHP 50k to 10mn.
PHI SEC proposed Rules oncrypto-asset service providers (CASPs) and Guidelines on the operations of CASPs, to regulate the field of crypto-asset services and CASPs.
Follows PHI SEC Apr. 11, 2025 opened applications for CASPs, see #251029.
Document dated Apr. 11, 2025, received from PHI SEC Apr. 14, summarized Apr. 17.
CASP Rule Highlights
Apply to all CASPs that are offering crypto-asset services and third-party service providers who engage in the marketing of crypto-assets and crypto-asset services.
Specify the rights of a crypto-asset financial consumer and regulations for CASPs.
Specify disclosure requirements of public offering of crypto-assets in the Philippines.
In addition, specify that any crypto-assets which are sold or offered for sale within the Philippines require a registration statement duly filed with and approved by PHI SEC.
Specify regulations regarding marketing of crypto-assets and crypto-asset services.
All CASPs, and related parties shall comply with the PHI SEC's rules relating to AML.
CASP Guideline Highlights
Specify CASP registration requirements such as minimum paid-up capital of PHP 100mn, required documents such as CASP form 1 together with certified documents.
Cover topics including admission to trading of crypto-assets, operational requirements, the requirements of segregation and safeguarding of customer assets, AML/CFT rules.
Plus topics of cybersecurity, outsourcing, suspension or revocation of CASP license, reportorial requirements and record-keeping, as well as fees and penalties.
Consultation End
The closing date for comments on the proposed rules and guidelines is Apr. 26, 2025.
May 2025 Regulations Finalized
On May 30, 2025, PHI SEC issued memorandum circulars to finalize above proposals.
The circulars shall take effect within 30 days after their publication in two newspapers; therefore, if published on May 30, 2025, the circulars will take effect on Jun. 29, 2025.
Document dated May 30, 2025, received from PHI SEC Jun. 2, summarized on Jun. 5.
Jun. 2025 PHI SEC Comments on Issued Rules
On Jun. 11, 2025, PHI SEC commented on Rules on crypto-asset service providers.
CASPs must pay PHP 50k registration fee, supervision fees based on gross revenue.
Violators of Rules on crypto-asset service providers, Securities regulation code, or related laws may face penalties i.e. 1-5 years in prison or fines from PHP 50k to 10mn.
