The Bangko Sentral ng Pilipinas (BSP) has renewed its warning to crypto users and to the public not to deal with unauthorized virtual asset service providers (VASPs).
What Are Virtual Asset Service Providers (VASPs)?
VASPs facilitate the exchange, trade, transfer, safekeeping, and payments of virtual assets, which include cryptocurrencies.
The BSP warns that engaging with VASPs that are not licensed by the central bank may result in the loss of monetary funds or virtual assets because of fraud, scams, security breaches such as cyberattacks, and bankruptcy.
Dealing With Unlicensed VASPs Risks Asset Loss and Bankruptcy, Among Others
When crypto traders or customers engage with unregulated VASPs, they are not guaranteed legal recourse and mechanisms for consumer assistance in case the VASP renders poor quality service, circulates misinformation and deceptive advertising, mishandles private keys, and breaches the data privacy of customers and stakeholders.
Besides suffering the consequences of the market misconduct of unlicensed VASPs, crypto users may also be faced with the restriction of access to their virtual asset accounts as a result of government enforcement against unauthorized operations of VASPs without licenses.
BSP Works With SEC and Other Agencies to Restrict Illegal VASPs
The BSP reassures the public that it shall continue to work with the Securities and Exchange Commission (SEC), the National Telecommunications Commission (NTC), and other relevant government agencies, together with the private sector, to restrict market access to unauthorized VASPs.
The BSP added that it continues to monitor the industry as virtual assets gain popularity in the Philippine market, ensuring that all platforms operating locally follow established financial safety standards and consumer protection regulations.
What Consumers Can Do to Protect Themselves
The central bank also encourages consumers of financial products and services to protect their personal information, practice cyber hygiene, and transact only with duly licensed institutions. Cyber hygiene includes regularly updating online accounts with strong passwords, keeping software up to date, using firewalls and antivirus software, and avoiding suspicious links and phishing emails.
SEC Warns Against Seven Illegal Crypto Platforms
In April this year, the SEC has warned investors against utilizing seven cryptocurrency platforms, mentioning that they are operating without Philippine authorization.
The Commission warned against dYdX, Aevo, gTrade, Pacifica, Orderly, Deriv, and Ostium, stating that its review found that the crypto platforms “appear to be offering investments to the public” in exchange for “promised returns, profits or interest.”
None of the platforms are registered with the SEC or hold approval under the country’s crypto-asset service provider framework. The framework requires firms to secure licenses and fulfill capital and operational standards before they can offer services in the country.
Regulators also warned that individuals promoting these platforms could face legal repercussions.
Recent government action expands a pattern of stricter law enforcement that has moved beyond warnings to blocking access of non-compliant platforms.
Philippine authorities have already taken steps against major cryptocurrency exchanges. Binance, for example, saw its website blocked nationwide after failing to meet compliance requirements. Its app was later removed from local application stores following SEC requests sent in late 2024. By early 2026, users in the country were no longer able to access the exchange’s main website.
Other platforms have faced similar consequences. Coinbase and Gemini were blocked on December 24, 2025, as part of the same enforcement targeting unlicensed operators.
The Difference Between VASPs and CASPs
The SEC, through the SEC CASP (Crypto Asset Service Provider) under Memorandum Circular (MC) 04-2025 and 05-2025, can grant licenses to CASPs that offer tokens that are securities or conduct public offerings or marketing for cryptocurrencies.
The BSP issues licenses for VASPs under BSP Circular No. 1108, amending the Manual of Regulations for Non-Bank Financial Institutions (MORNBFI). Activities included in the scope exchanges between virtual assets (VAs such as cryptocurrency) and fiat (money like Philippine pesos), exchange between VAs, transfer of VAs, safekeeping or administration of VAs and provision of financial services related to issuer offers. The Philippine SEC licenses CASPs under the SEC Rules on Crypto-Asset Service Providers (MC 04 / 05-2025). An exchange between cryptocurrency assets that are securities and converting to or from Philippine pesos needs both BSP VASP and SEC CASP registration.
Authorized VASPs Under the BSP
The Bangko Sentral ng Pilipinas maintains an updated list of authorized VASPs. This includes Coins.ph, Maya, GoTyme, and DOPAY, which operates under WIBS PHP INC.
DOPAY as Licensed VASP Offering Crypto Wallets
DOPAY, through its parent company WIBS PHP INC., is regulated by the Bangko Sentral ng Pilipinas (BSP) and has licenses as an Electronic Money Issuer (EMI) and as a Virtual Asset Service Provider (VASP).
Powered by blockchain technology, DOPAY provides payment, remittance, and financial accessibility through electronic money issuance with its E-Wallet and cryptocurrency exchange with its Crypto Wallet.
DOPAY is an easy-to-use and convenient app that safeguards your information and your money through the policies and procedures required by the BSP.
DOPAY protects its customers through its complaints and disclosures procedures, its constant technology risk assessments, its compliance with BSP rules and regulations, and its religious observance of post-licensing reporting and compliance.
With DOPAY, any Filipino with the app and an approved account can send funds, receive remittances, and trade cryptocurrencies. Moreover, freelancers, BPO owners, and SMEs can hold, receive, and transfer funds and payments in global currencies through DOPAY’s large wallet sizes. App users such as digital content creators can receive payment of influencer services without exchange rate fees by utilizing the global account features of the DOPAY app.
Download the DOPAY app today!
