SEC Implements New Rules for Crypto-Asset Service Providers

The Securities and Exchange Commission (SEC) announced the official effectivity of the 2025 SEC CASP Rules and Guidelines. The new policies, introduced under SEC Memorandum Circular Nos. 4 and 5, set a clear regulatory framework for all Crypto-Asset Service Providers (CASPs) operating in the Philippines.

Under these SEC CASP Rules and Guidelines, CASPs—which include entities offering crypto-asset services and third-party companies marketing such assets—are now required to fully comply with the updated standards on crypto-asset regulation and compliance. These provisions target all organizations that enable or facilitate trading, offering, or intermediation of crypto-assets, whether directly or via digital platforms.

Regulators stressed that the division of authority between government agencies like the Bangko Sentral ng Pilipinas (BSP) and the SEC depends on the use case of the crypto-asset. Crypto-assets used mainly as a payment method remain under BSP oversight. In contrast, those classified as securities as defined in the Securities Regulation Code (SRC) or as financial products under the Financial Products and Services Consumer Protection Act (FCPA) now fall squarely under SEC regulation.

The SEC emphasized its continued commitment to investor protection and enforcement, urging market participants and stakeholders to adhere strictly to the new requirements. The public is encouraged to actively report any violations, particularly by individuals or companies who may be offering or marketing crypto-assets outside the scope of legitimate regulatory practices.

In its advisory, the Commission highlighted its openness to industry feedback and concerns regarding the CASP Rules, urging anyone with queries to contact them directly. This inclusive approach aims to foster a secure, compliant, and fair crypto marketplace for all parties involved.

With the full implementation of these guidelines, the SEC reaffirms its dedication to maintaining transparent financial markets while upholding investor rights and the broader principles of the Securities Regulation Code (SRC) and sound financial product governance.

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