Philippines Crypto Licence (BSP VASP)

Requirements

BSP VASP Licence — Key Requirements

Entity

Philippine corporation required

SEC registration; OPC or stock corporation

Min. Capital

PHP 10M–50M+

Class A (lower volume) or Class B (higher volume)

Physical Office

Required in Philippines

Genuine presence; Manila recommended

AML/CFT

AMLA 2001 + BSP guidelines

KYC/CDD; STR to AMLC; Travel Rule

Key Personnel

Fit & proper

Directors, CEO; BSP background checks

VASP Category

Class A or Class B

Class A <PHP 100M/day; Class B >PHP 100M/day

IT Security

BSP technology risk guidelines

Technology risk management compliance

Consumer Protection

BSP consumer protection rules

Consumer protection rules for VASP

Process

How to Get a Philippines BSP VASP Licence — Step by Step

1

Incorporate Philippine Corporation

SEC registration; OPC or stock corporation; inject required capital.

2–4 weeks

2

Develop AML/CFT Programme

BSP-compliant KYC/CDD; AMLC reporting systems; Travel Rule implementation.

2–4 weeks

3

Prepare BSP VASP Application

Business plan; AML programme; governance documentation; IT security framework.

4–8 weeks

4

BSP Review

Review period varies by complexity and completeness of application submitted.

1–6 months

5

VASP Registration Issued; Annual BSP Reporting

Operations begin; annual BSP compliance reports; ongoing AML/CFT obligations.

Ongoing

Costs

Philippines BSP VASP Licence — Full Cost Breakdown

Item	Details	Approx. Cost
BSP application fee	Non-refundable regulatory fee	PHP 50,000–100,000
Annual BSP fee	Ongoing supervisory fee	PHP 50,000–200,000/yr
SEC incorporation	Philippine corporation formation	PHP 20,000–50,000
Office (Year 1)	Physical office in Philippines	PHP 600,000–2,000,000/yr
Legal & compliance	Application preparation, AML policies	PHP 500,000–2,000,000
Estimated Year 1 Total (excl. capital)	Setup, regulatory, office, professional fees	PHP 1,200,000–4,500,000

FAQ

Philippines Crypto Licence — Common Questions

The Bangko Sentral ng Pilipinas (BSP) requires all Virtual Asset Service Providers operating in the Philippines to register under BSP Circular 1108 (2021). VASPs include crypto exchanges, custodians, and OTC desks. Registration involves BSP review of AML compliance, governance, and technical systems.

Class A VASPs handle lower transaction volumes (under PHP 100 million per day) and have lower capital requirements (PHP 10 million). Class B VASPs handle higher volumes and require PHP 50 million+ capital plus stricter operational requirements. Most new entrants start as Class A.

BSP VASP registration typically takes 1–6 months depending on completeness of application and business model complexity. Well-prepared applications with clear AML programmes are processed faster.

Yes, through establishing a Philippine corporation. Foreign ownership is regulated — some sectors restrict foreign equity to 40%. Financial services including crypto exchanges may have restrictions; legal counsel should confirm equity structure requirements.

Philippines has very high crypto adoption (top globally for crypto usage), a major remittance market where crypto is widely used, 115 million population, and growing fintech infrastructure. BSP is proactive in developing clear crypto regulation.

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