New Crypto Regulations Explained: They Aren't a Full-Blown Ban

The Philippine Securities and Exchange Commission (SEC) has announced the enforcement of its new Rules on Crypto Asset Service Providers (CASP Rules), effective from July 5, 2025. The CASP Rules aim to protect investors, uphold market integrity, and ensure all market participants operate on a level playing field.

The SEC's enforcement actions are designed to safeguard the public from risks such as fraud, loss of funds, and money laundering. These risks often increase when market activity is high. The commission has the authority to investigate and take action against unregistered entities, which may include limiting public access to non-compliant platforms.

The SEC's enforcement actions are in line with its purpose to protect investors, uphold market integrity, and ensure the sustainable growth of the crypto industry in the Philippines. The commission recognizes the importance of a free, competitive market, but one that is responsibly regulated to protect investors and support the sustainable growth of the crypto industry.

The CASP Rules apply to all entities, whether local or foreign, offering crypto-asset services to people in the Philippines. The SEC encourages both local and foreign platforms to register and comply with the new rules. The institution overseeing the new regulations for cryptocurrency service providers in the Philippines is the Bangko Sentral ng Pilipinas (BSP), which announced it can take actions such as restricting public access to non-compliant platforms to protect the public from the aforementioned risks.

The SEC clarified that the CASP Rules do not prohibit cryptocurrency trading or investment, but require platforms to obtain registration and licenses before offering services in the country. The SEC's enforcement actions are part of its efforts to safeguard the public and ensure the sustainable growth of the crypto industry in the Philippines.

The public is advised to report any possible violations to the SEC's Enforcement and Investor Protection Department. The SEC's enforcement actions are intended to ensure all market participants operate on a level playing field, thereby promoting a secure and thriving crypto industry in the Philippines.