As of 15 July 2026, the Bangko Sentral ng Pilipinas licenses nine Virtual Asset Service Providers (VASPs) that are authorized to facilitate crypto‑to‑peso (and vice versa) transactions, ensuring consumer protection and compliance with BSP Circular No. 1108, s. 2021.
BSP’s official directory identifies the following VASPs:
Active – Non-Bank VASPs
- Coins.ph
Betur Inc.
Address: 15F Asian Century Center, BGC, Taguig City
Contact: (632) 882‑26467 | compliance@coins.ph
- Maya
Maya Philippines, Inc.
Address: LaunchPad Building, Reliance St., Mandaluyong City
Contact: (632) 8845‑7788 | compliance@maya.ph
- Moneybees
Moneybees Forex Corp.
Address: McKinley Hill, Taguig City
Contact: +63 998 847 0124 | compliance@moneybees.ph
- PDAX
Philippine Digital Asset Exchange
Address: Robinsons Cyberscape Gamma, Pasig City
Contact: (0917) 634‑5686 | compliance@pdax.ph
- Topwallet
TopJuan Technologies Corporation
Address: Intramuros, Manila City
Contact: (632) 5310‑2414 | compliance@topjuan-tech.com
- DOPAY
WIBS PHP, Inc.
Address: Tower 6789, Ayala Avenue, Makati City
Contact: (632) 8299‑3309 | compl-t1@wibs-php.com
Inactive/Not Operational – Non-Bank VASPs
- DA5
Direct Agent 5
Address: Metropolitan Avenue, Makati City
Contact: (02) 8895‑8195 | info@da5.com.ph
Active – Bank VASPs
- GoTyme
GoTyme Bank Corporation
Address: Giga Tower, Bridgetowne, Quezon City
Contact: +63 917 622 3325 | compliance@gotyme.com.ph
- UnionBank
Union Bank of the Philippines, Inc.
Address: UnionBank Plaza, Ortigas Center, Pasig City
Contact: (632) 8841‑8600 | complianceoperations@unionbankph.com
Roles and Importance of a VASP
A Virtual Asset Service Provider is any entity that facilitates the exchange, transfer, safekeeping, or administration of virtual assets. BSP classifies VASPs as money service businesses, meaning they must:
- Implement KYC and AML/CFT protocols to prevent illicit activity.
- Provide secure custody and transparent pricing.
- Report suspicious transactions to BSP and AMLC.
- Maintain strong IT and cybersecurity systems.
These responsibilities align with Financial Action Task Force (FATF) standards, ensuring Philippine VASPs meet global compliance benchmarks.
Guidelines for Virtual Asset Service Providers
BSP Circular No. 1108, series of 2021, is the cornerstone of crypto regulation in the Philippines.
Issued in May 2021, it formally reclassified virtual currency exchanges as Virtual Asset Service Providers (VASPs) and placed them under BSP’s supervisory authority.
The circular requires VASPs to register as money service businesses, comply with Anti‑Money Laundering Act (AMLA) obligations, and implement Know Your Customer (KYC) protocols. It also mandates reporting of suspicious transactions to the Anti‑Money Laundering Council (AMLC).
Importantly, Circular No. 1108 emphasizes consumer protection by requiring transparency in pricing, secure custody of assets, and clear disclosure of risks. Penalties for non‑compliance include suspension or revocation of licenses, pinning the spotlight on BSP’s intent to balance innovation with systemic stability.
BSP’s Part in Securing Crypto Transactions
BSP plays an important double-edged role: enabling innovation while safeguarding the financial system.
The central bank supervises VASPs as regulated financial institutions, ensuring they adhere to Financial Action Task Force (FATF) standards, including the Travel Rule, which requires sharing of sender and receiver information in crypto transfers.
BSP conducts regular audits, requires periodic reporting, and coordinates with the Securities and Exchange Commission (SEC) for token offerings and with AMLC for monitoring illicit flows. It also imposed a moratorium on new VASP applications between 2022 and 2025 to prevent regulatory arbitrage and allow time to strengthen oversight.
Through these measures, BSP ensures that crypto transactions remain secure, transparent, and aligned with global best practices.
Regulatory Milestones for Crypto in the Philippines
2017 – BSP Circular No. 944
This was the first formal regulation of virtual currency exchanges in the Philippines. Circular 944 recognized the growing use of Bitcoin and other cryptocurrencies for remittances and payments. It required exchanges to register as remittance and transfer companies, comply with AMLA, and report suspicious transactions. This was the foundation of crypto oversight in the country.
2019 – BSP Monitoring and Early Supervisory Actions
Between 2017 and 2019, BSP monitored the rapid growth of crypto exchanges and issued advisories warning consumers about risks such as volatility, fraud, and lack of legal tender status. BSP also began coordinating with the Anti‑Money Laundering Council (AMLC) to strengthen reporting requirements.
2021 – BSP Circular No. 1108
Circular 1108 replaced Circular 944 and formally reclassified virtual currency exchanges as Virtual Asset Service Providers (VASPs). It expanded the scope of regulation to include not just exchanges but also custodians, wallet providers, and other intermediaries. It required VASPs to register, comply with AML/CFT standards, implement KYC, and be subject to BSP’s supervisory powers under RA 11211. This circular aligned Philippine rules with Financial Action Task Force (FATF) recommendations.
2022 – Moratorium on New VASP Applications
In 2022, BSP imposed a moratorium on new VASP licenses. The rationale was to prevent regulatory arbitrage, allow BSP to strengthen its supervisory framework, and ensure that existing players were fully compliant. This moratorium lasted until 2025, meaning the roster of licensed VASPs remained relatively stable during this period.
2023–2024 – Enforcement and Consumer Protection
During the moratorium, BSP and SEC took enforcement actions against unlicensed offshore exchanges. In 2025, the SEC and NTC blocked platforms like Binance, OKX, and KuCoin, citing lack of registration and consumer protection risks. BSP continued to emphasize that only licensed VASPs could legally operate in the Philippines.
2025 – Stablecoin Pilot (PHPC)
Coins.ph, a licensed VASP, piloted PHPC, the first peso‑pegged stablecoin approved by BSP. This marked a new phase of innovation within the regulated framework, showing BSP’s willingness to allow experimentation while maintaining oversight.
2026 – Updated VASP Directory
By July 2026, BSP’s directory listed nine active VASPs, including both non‑bank firms (Coins.ph, Maya, PDAX, Moneybees, TopJuan, WIBS PHP) and banks (UnionBank, GoTyme). Some firms, like Direct Agent 5 (DA5), were reclassified as inactive. The inclusion of digital banks signaled BSP’s openness to integrating crypto services into mainstream finance.
Recent Movements in the Official List
The BSP’s VASP directory has seen notable changes.
Some firms, such as Direct Agent 5 (DA5), were reclassified as inactive, reflecting either voluntary withdrawal or regulatory non‑compliance. At the same time, new entrants like GoTyme Bank highlight the growing role of digital banks in crypto services.
DOPAY (WIBS PHP, Inc.) was moved from the inactive to active list as of July 15.
Coins.ph piloted PHPC, the first peso‑pegged stablecoin licensed by BSP, gesturing innovation within the regulated space.
Just recently, two firms, Bloomsolutions, Inc. (BloomX) and XenRemit, Inc., a subsidiary of Xendit Group, were excluded from the record.
The moratorium on new licenses meant that the roster remained relatively stable, but the inclusion of banks like UnionBank and GoTyme shows BSP’s openness to integrating crypto services into mainstream financial institutions.
The changes illustrate BSP’s cautious but deliberate approach: pruning inactive players while allowing credible, well‑capitalized firms to expand.
Key Reminders for Filipino Traders
The primary takeaway is simple: transact only with licensed VASPs.
Offshore exchanges such as Binance, OKX, and KuCoin were blocked by the SEC and NTC in 2025, leaving users vulnerable to frozen funds and lack of legal recourse.
Licensed VASPs, by contrast, are subject to BSP oversight, AMLC reporting, and strict compliance standards. This means users benefit from transparent pricing, secure custody, and regulatory protection.
Traders and consumers should always check BSP’s official directory before engaging in crypto transactions, as this ensures they are dealing with authorized entities. In a market where scams and fraud remain prevalent, BSP’s licensing framework is the most reliable safeguard for Filipino investors and traders.
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