The bill was initially issued on May 30th and later took effect on June 12. It states that if a token/ crypto behaves like a financial product or security under federal law of the country, it is subject to SEC regulation.
Therefore, the SEC holds the authority to suspend or revoke the CASP license for noncompliance. Guilty CASP will face a fine of up to PHP 100 million and imprisonment for up to five years.
Luis Buenaventura, head of crypto finance at super-app GCash, said there will be substantial challenges implementing the new CASP rules.
“Regulation is rarely perfect on day one, but as long as the regulatory authority takes a progressive approach and stays open to refining the framework over time, then I think this signals the Philippines,” said Nathan Marasign, Partner at MLaw Office.
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Yes, the Philippines is generally considered crypto-friendly, with growing adoption and new regulations aimed at establishing a clear framework for the industry.
Which government body is responsible for crypto operations in the Philippines?
The Securities and Exchange Commission (SEC) is the primary government body responsible for regulating crypto asset service providers (CASPs) and crypto-asset securities in the Philippines. The Bangko Sentral ng Pilipinas (BSP) also plays a role in regulating virtual asset service providers (VASPs).
How much is crypto taxed in the Philippines?
The provided article doesn’t specify an exact tax rate for crypto. However, related search results indicate that capital gains from crypto may be taxed, and income from mining or services is taxed as regular income. Consulting a local tax expert is recommended.
