Nikolai Timofejev
15 years in FinTech and payments. Maps your business model to the right licence scope and leads the file all the way to the SEC registration, including banking and payment rails.
Get a crypto license in the Philippines.
One of the world's highest-adoption crypto markets finally has a full rulebook: the SEC's CASP rules of 2025 govern the industry, the BSP licenses the payment side, and 120 million digitally native consumers sit behind the perimeter. We run both files.
27 yrs
on the international marketon the market
60+
in-house specialistsspecialists
400+
Crypto licenses obtainedlicenses obtained
Updated
Philippines in brief
Top-of-the-world adoption meets a 2025 rulebook.
The Philippines ranks at the very top of global crypto-adoption indices year after year - remittances, play-to-earn and mobile-first finance made digital assets a mass product long before the rules matured. The rules have now matured. In May 2025 the SEC issued its CASP framework - Memorandum Circulars 04 and 05, series of 2025 - requiring crypto-asset service providers to register with PHP 100 million minimum paid-up capital (excluding crypto holdings), a physical Philippine office, and conduct standards covering everything from marketing to custody. The Bangko Sentral ng Pilipinas keeps its own perimeter: VASP licensing under Circular 1108 for exchange and transfer services touching fiat, where new entry has been restricted since 2022 and routes run through acquisitions or BSP engagement.
The result is a two-regulator system with a clear division: the SEC governs the industry's conduct and registration, the BSP the payment rails. For entrants, that means strategy decides the path - a CASP registration for trading and services, a BSP-side solution where fiat rails are core, or both. What justifies the effort is the market: 120 million consumers, English-speaking, mobile-native, and already transacting at world-leading rates. The perimeter is new, the enforcement is real - the SEC blocks unregistered foreign platforms, and the licensed field is still thin. That is the window.
World-leading adoption meets a 2025 rulebook: SEC CASP registration (PHP 100M capital, PH office) plus the BSP's VASP perimeter for fiat rails.
120 million English-speaking, mobile-native consumers, and a licensed field still thin. The window is the point.
The two regimes
SEC for the industry, BSP for the rails.
The 2025 CASP rules govern registration and conduct; the BSP's VASP regime covers fiat-touching exchange and transfer. Most models need the first; payment-led models need both. We fix the path first.
SEC for industry conduct and registration; BSP for the fiat rails. Strategy picks the path.
01 - SEC CASP REGISTRATION
Crypto-asset service provider
The 2025 framework for the industry: registration with the SEC under MC 04/05-2025, PHP 100 million paid-up capital, a Philippine office and full conduct standards. The licence that legitimises the market.
The 2025 framework for the industry: registration with the SEC under MC 04/05-2025, PHP 100 million paid-up capital, a Philippine office and full conduct standards. The licence that legitimises the market.
- ✓Exchange, trading and order services
- ✓Wallets, custody and asset administration
- ✓Marketing of crypto services - regulated
- ✓PHP 100M paid-up capital (ex-crypto)
- ✓Physical office and local governance
- ✓PHP 50,000 filing fee · annual supervision
02 - BSP VASP · THE FIAT RAILS
Circular 1108 regimePayment-side licensing
Fiat-touching exchange and transfer run through the BSP's VASP regime under Circular 1108. Where new licensing has been restricted since 2022 and entry runs through acquisitions, partnerships or BSP engagement. We scope which first.
Fiat-touching models need a BSP answer. Licensing, acquisition or partnership, scoped up front.
- ✓Fiat ↔ crypto exchange and remittance
- ✓Transfer services under BSP supervision
- ✓EMI pairings for wallet-led models
- ✓Acquisition of existing licensees - scoped
- ✓AML under AMLC standards throughout
- ✓Peso rails through partner banks
Costs and timelines are confirmed for your case before any work begins. SEC filing runs PHP 50,000 with annual supervision fees by revenue; the PHP 100M capital must exclude crypto holdings; BSP-side routes are scoped case by case.
Why the Philippines
The adoption is already here. The licences are new.
The framework pairs the SEC's 2025 CASP rules with the BSP's VASP regime. A young perimeter around one of crypto's most proven markets.
✓
World-leading adoption
The Philippines sits at the top of global adoption indices. Remittances, gaming and mobile finance made crypto a mass product here first. The demand side needs no persuading.Top of the indices, year after year.
✓
A fresh, enforceable rulebook
The CASP rules landed in May 2025 with real teeth. Capital, conduct, marketing standards, and the SEC blocks unregistered foreign platforms. The licensed field is thin and defended.May 2025 rules; platforms blocked already.
✓
120 million, English-speaking
A young, mobile-native, English-language market. Onboarding, support and marketing run without translation layers, and talent hires locally.No translation layer to the market.
✓
The remittance engine
Tens of billions of dollars flow home annually. The corridor crypto has always promised to fix. Licensed rails to this market are a structural, not cyclical, opportunity.Tens of billions in corridor flows.
✓
Two regulators, clear lanes
SEC for industry conduct and registration, BSP for fiat rails. A legible division that lets strategy choose the path instead of guessing at perimeters.SEC conduct · BSP rails.
✓
First-mover economics
PHP 100M capital filters the field; early registrants meet world-leading demand with few licensed competitors. The window is the point.PHP 100M filters the field for you.
How it compares
How the Philippines differs from other routes.
The Philippines trades regulatory youth for the region's most proven demand. The side-by-side comparison is below.
Philippines vs other jurisdictions
| Feature |  Philippines | Other jurisdictions |
|---|---|---|
| Regulatory regime | SEC CASP (2025) + BSP VASP | Single-regulator regimes |
| Adoption | Top of global indices | Mostly lower |
| Capital bar | PHP 100M (≈US$1.7M) | US$40k-3M range |
| Perimeter age | 2025 - field still thin | Settled, crowded markets |
Regulatory regime
PhilippinesSEC CASP (2025) + BSP VASP
Other jurisdictionsSingle-regulator regimes
Adoption
PhilippinesTop of global indices
Other jurisdictionsMostly lower
Capital bar
PhilippinesPHP 100M (≈US$1.7M)
Other jurisdictionsUS$40k-3M range
Perimeter age
Philippines2025 - field still thin
Other jurisdictionsSettled, crowded markets
Country by country
| Country | License type | Taxation | Requirements |
|---|---|---|---|
| Philippines | SEC CASP + BSP VASP | 25% CIT · 20% small | PHP 100M capital, PH office |
 Singapore | MAS licences (PSA/FSM) | 17% CIT · no CGT | 9-12+ months, selective |
 Thailand | 6 DA licences (SEC/MoF) | 20% CIT · 0% personal to 2029 | Mature desk, real enforcement |
 UAE (Dubai) | VARA VASP by activity | 9% CIT · 0% personal | Substance-heavy, 3-9 months |
PhilippinesLicense typeSEC CASP + BSP VASP
Taxation25% CIT · 20% small
RequirementsPHP 100M capital, PH office
SingaporeLicense typeMAS licences (PSA/FSM)
Taxation17% CIT · no CGT
Requirements9-12+ months, selective
ThailandLicense type6 DA licences (SEC/MoF)
Taxation20% CIT · 0% personal to 2029
RequirementsMature desk, real enforcement
UAE (Dubai)License typeVARA VASP by activity
Taxation9% CIT · 0% personal
RequirementsSubstance-heavy, 3-9 months
Before you apply
Requirements for CASP registration.Requirements for CASP registration.
MC 04 and 05 of 2025 define the file. Capital, presence and conduct a securities regulator will vet. The checklist below is what a passing application contains.
01
Philippine entity. A locally registered corporation; foreign groups structure ownership within foreign-equity rules.
02
Capital. PHP 100 million minimum paid-up, excluding crypto-asset holdings, evidenced and maintained.
03
Physical office. A real Philippine place of business with local governance and reachable management.
04
Fit & proper directors and officers. Clean records, competence and transparent ownership to UBOs.
05
Registration filings. The SEC's CASP application with PHP 50,000 filing fee and annual supervision fees by revenue.
06
Conduct framework. Marketing, disclosure and client-onboarding standards per the CASP guidelines.
07
Custody and segregation. Client asset protection design meeting the 2025 guidelines.
08
AML/CFT programme. AMLC-grade KYC, monitoring and reporting, with a named compliance officer.
09
Systems documentation. Platform, wallet and security architecture the SEC can review.
10
For fiat rails: the BSP question. VASP licensing, acquisition or partnership - scoped as part of the entry strategy.
01
Philippine corporation, equity-compliant.
02
PHP 100M paid-up capital (ex-crypto).
03
Physical office and local governance.
04
Fit & proper directors and officers.
05
PHP 50,000 filing + annual fees.
06
Conduct and marketing standards.
07
Custody and segregation design.
08
AMLC-grade AML with named officer.
09
Reviewable systems documentation.
10
BSP path scoped where fiat is core.
Reflects SEC MC 04/05 s.2025 and BSP Circular 1108 as of 2026. The SEC publishes advisories against unregistered platforms. The perimeter is enforced.SEC MC 04/05 s.2025 + BSP Circular 1108, as of 2026.
How it works
From first call to the SEC register.
01
Perimeter and strategy
CASP alone, BSP path, or both. We fix the route, the capital plan and the timeline in writing.CASP, BSP path, or both - in writing.
02
Philippine company and capital
Corporation formation within equity rules, PHP 100M capitalisation and the office the rules require.Corporation + PHP 100M evidenced.
03
The application file
CASP registration, conduct framework, custody and AML documentation. Assembled to MC 04/05-2025.To MC 04/05 - complete first.
04
SEC review
Question rounds with a young desk building practice - 6-10 months expected. We answer every round.6-10 months; early files set precedent.
05
Registration and operation
Register entry, launch under supervision, and the BSP-side build-out where fiat rails are core.Register entry; BSP build-out follows.
Quick facts
Industry regulatorSEC - CASP rules
Payments regulatorBSP - Circular 1108
Rules issued30 May 2025
CASP capitalPHP 100M paid-up
Filing feePHP 50,000
In practice6-10 months expected
Corporate tax25% · 20% small
Market120M · top adoption
A young perimeter around proven demand. Early, complete files meet the thinnest competitive field this market will ever have.
On the ground in Philippines
Run from our Manila office.
Prifinance - Philippines
Manila · Philippines
Manila, Philippines
01
Philippine company formation
Corporation setup within foreign-equity rules, registered office and the governance the SEC expects. Structured for registration.Equity-compliant corporation, structured.
02
The CASP file
Application, conduct framework, custody design and AML pack under MC 04/05-2025. Drafted by us and defended through SEC review.MC 04/05 dossier. Defended in rounds.
03
The BSP strategy
VASP-side scoping: licensing prospects, acquisition targets or bank/EMI partnerships. The sober assessment before capital moves.Scoping settled before capital moves.
04
Substance and staffing
Directors, compliance and support hires from Manila's deep English-speaking pool - assembled pragmatically.Manila hires, assembled pragmatically.
We also have offices in
Tallinn
Estonia
Roseni 13
Vilnius
Lithuania
Gedimino pr. 2
Prague
Czech Republic
Vlkova 532/8, Žižkov
London
United Kingdom
7 Bell Yard
Madeira
Portugal
Rua da Alegria 31, 1F
Budapest
Hungary
Korányi Sándor u. 4
Istanbul
Turkey
Perpa Ticaret Merkezi, A Blok
Good to know
Taxation of crypto companies in the Philippines.
Ordinary CREATE-era corporate taxation - no crypto-specific levies. On top of a market whose gross flows are the argument.
Corporate tax 25%
The standard rate under the CREATE framework, with 20% for smaller corporations under the income and asset thresholds. Ordinary deductions apply.20% for qualifying smaller corporations.
No dedicated crypto tax
The Philippines has enacted no separate crypto levy. Gains and revenues are taxed under general rules by taxpayer type, with BIR guidance evolving.General rules; BIR guidance evolving.
VAT at 12%
The standard VAT applies to fees and services under general principles. Product-level treatment is planned into the model, not discovered after.Planned into the model upfront.
Withholding and dividends
Dividend withholding runs 10-25% by recipient and treaty. The network spans 40+ agreements, and structures model cleanly.40+ treaties temper it.
The remittance economics
Corridor volumes measured in tens of billions annually are the revenue base licensed rails compete for. Unit economics start from flows, not speculation.Flows, not speculation, fund the model.
Incentive regimes
PEZA and related regimes reward qualifying technology operations. Development and support centres often qualify; we assess it in structuring.Tech operations often qualify.
Tax summary
Corporate tax25%
Small corporations20%
Dedicated crypto taxNone
Standard VAT12%
Dividend withholding10-25% · treaties
Tax treaties40+
*Figures as of 2026. BIR guidance on digital assets continues to develop. We monitor it and position filings defensibly.
Turnkey professional support
Experienced lawyers and international consultants.
We provide end-to-end support, from company registration and the application file to regulatory interaction and compliance oversight - with an individualized approach to each client.
Oleksii Kindratenko
Builds the application itself: Philippine corporation, AML/KYC policy pack, capital structure and tax registrations. His document sets are the reason reviews finish in months, not years.
Eugeniu Bevziuc
First point of contact for international founders. Runs the whole setup remotely, across time zones and languages - from the first call to a live, registered business.
Follow Prifinance
Active across our channels.
Philippines · SEC & BSP
Launch your crypto project in the Philippines with expert support.
Full-service assistance - from company registration to CASP registration and the BSP-side strategy.
Get a consultation →Free legal opinion
Is the Philippines the right fit for your project?
Our legal team will analyze your case at no cost and provide a written legal opinion: which jurisdiction, licence scope, or route fits your business.
Written assessment within 2-5 business days
Request a free conclusion →FAQ
The Philippine crypto licence: quick answers.
What licence does a crypto business need in the Philippines?+
Registration as a crypto-asset service provider with the SEC under Memorandum Circulars 04 and 05, series of 2025 - covering exchanges, wallets, custody and even marketing of crypto services. Fiat-touching exchange and transfer additionally sit in the BSP's VASP perimeter under Circular 1108.
What are the SEC CASP requirements?+
PHP 100 million minimum paid-up capital excluding crypto holdings, a physical Philippine office, fit-and-proper officers, conduct and custody standards per the guidelines, a PHP 50,000 filing fee and annual supervision fees based on revenue.
How do the SEC and BSP regimes relate?+
Clear lanes: the SEC governs industry registration and conduct; the BSP licenses the payment side - fiat exchange and transfer. Trading-led models start with the CASP registration; payment-led models need a BSP-side answer too.
Can new firms get a BSP VASP licence?+
The BSP restricted new VASP licensing from 2022, and entry has since run through acquisitions of existing licensees, partnerships with banks and EMIs, or direct BSP engagement. We scope which route is realistic for your model before capital moves.
How long does CASP registration take?+
The desk is young - rules date from May 2025, so practice is forming; we plan 6-10 months for complete files, with early applicants shaping precedent.
What substance is expected?+
A Philippine corporation structured within foreign-equity rules, a real local office, reachable management, PHP 100M evidenced capital and systems the SEC can review.
How are crypto companies taxed?+
Ordinary CREATE-era rates: 25% corporate income tax (20% for qualifying smaller corporations), 12% VAT on fees and services by general principles, and no dedicated crypto levy.
Why is this market worth a PHP 100M capital bar?+
Because adoption is already world-leading: remittance corridors worth tens of billions, a young English-speaking population transacting mobile-first, and a licensed field made thin by the very capital bar you clear. The demand is proven; the competition is filtered.
What happens to unregistered platforms?+
The SEC publishes advisories and moves to block unregistered foreign platforms - enforcement arrived together with the rules, which is what gives the registration its value.
Why the Philippines rather than Singapore or Thailand?+
Singapore is a headquarters play with selective licensing; Thailand rewards its domestic perimeter. The Philippines is the demand play - the world's most proven crypto-adopting population, a new rulebook, and a field still thin. Groups building for Southeast Asian users start where the users are.
What licence is needed?+
SEC CASP registration; BSP VASP for fiat rails.
CASP requirements?+
PHP 100M capital, PH office, vetted officers.
SEC vs BSP?+
Conduct vs payment rails - clear lanes.
New BSP licences?+
Restricted since 2022 - acquisitions/partnerships.
How long?+
6-10 months; young desk, forming practice.
Substance?+
Real office, reachable management, evidenced capital.
Company taxes?+
25% CIT (20% small); 12% VAT; no crypto levy.
Why the capital bar?+
It filters the field in a proven market.
Unregistered platforms?+
Blocked - enforcement came with the rules.
Why the Philippines?+
The demand play - build where the users are.
Client notes
Google4.7★★★★★
Founders who wanted it done right.
Google4.7★★★★★
“As a software development crew at FewMoreTaps OÜ, we've had the pleasure of working with Prifinance on some key financial moves.First of all, navigating the world of corporate banking and finance can be a maze, but Prifinance made it feel like a walk in the park. They helped us set up a corporate bank account without the hassle of jumping on a plane or drowning in paperwork. Everything was done remotely, smoothly…”
Google
“I had their assistance in company registration and I would recommend them. They were answering all my clarification during the process and offering all their supportThank you Daniel and Irinia”
Google
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Prifinance is an independent law and advisory firm. We are not a regulator and are not affiliated with, endorsed by, or acting on behalf of the Securities and Exchange Commission of the Philippines, the Bangko Sentral ng Pilipinas or any other public authority. Authorisations are granted by, and obtained directly from, the competent authorities.