The Philippines has introduced sweeping crypto regulations, requiring all crypto-asset service providers (CASPs) to register locally with a ₱100 million ($1.8 million) paid-up capital. This move, under SEC Memorandum Circular No. 5, marks the country’s most comprehensive digital asset framework to date.
Firms must maintain local offices, segregate customer assets, and store data within Philippine borders. While large players may benefit, smaller firms could face hurdles adapting to the stricter compliance setup.
Experts believe this framework sets the stage for mainstream crypto adoption in the Philippines, bringing stability to a $107 billion market. Though challenging in the short term, these regulations aim to level the playing field for licensed providers.
As crypto regulation grows globally, the Philippines positions itself as a serious contender in the regulated digital asset space.
Conclusion:
This is a bold step towards clearer crypto operations in the Philippines, promoting investor protection and long-term adoption.
Takeaways:
₱100M capital now required for CASPs
Local data storage mandated
Regulatory clarity promotes mainstream adoption
Source: Decrypt
