Analysis
The Philippines Has Kept Its Window for New Crypto Licences Closed Since 2022
How the BSP closed its regular application window in 2022 and continued the moratorium in 2025.
The short version: The BSP closed its regular application window for new VASP licences on 1 September 2022 and has continued its moratorium on new VASP licences since 1 September 2025, subject to reassessment based on global and local developments (M-2022-035, M-2025-031). The BSP's list now shows 6 active non-bank VASPs and 2 bank VASPs (BSP list, as of 15 Jul 2026).
2022: The Window Closes
In Memorandum M-2022-035, dated 10 August 2022, the BSP said the Monetary Board had approved a modified approach to new VASP licences (Resolution No. 1141 of 4 August 2022). The regular application window closed for three years from 1 September 2022, subject to reassessment. Applications that had passed Stage 2 of the licensing process by 31 August 2022 were still assessed; incomplete ones were returned and closed. Existing BSP-supervised financial institutions with a composite rating of at least “stable” could still apply to add VASP services (M-2022-035).
2025: The Moratorium Continues
The Monetary Board approved the continued enforcement of the moratorium on new VASP licences in Resolution No. 848 of 20 August 2025. The BSP pointed to continued concerns about consumer protection and increasing cybercrime. The moratorium continues from 1 September 2025, subject to reassessment (M-2025-031).
Who Is on the List
| Firm | Trade name as listed | Type | BSP list section | City |
|---|---|---|---|---|
| Coins.phBetur Inc. | COINS.PH | Non-bank | Active non-bank VASP (BSP list) | Taguig City |
| Maya Philippines, Inc. | Non-bank | Active non-bank VASP (BSP list) | Mandaluyong City | |
| Moneybees Forex Corp. | Non-bank | Active non-bank VASP (BSP list) | Taguig City | |
| PDAXPhilippine Digital Asset Exchange (PDAX) | PDAX | Non-bank | Active non-bank VASP (BSP list) | Pasig City |
| TopJuan Technologies Corporation | Non-bank | Active non-bank VASP (BSP list) | Manila | |
| WIBS PHP, Inc. | Non-bank | Active non-bank VASP (BSP list) | Makati City | |
| GoTyme Bank Corporation | Bank | Active bank VASP (BSP list) | Quezon City | |
| Union Bank of the Philippines, Inc. | Bank | Active bank VASP (BSP list) | Pasig City | |
| Direct Agent 5 (SurgePay)Direct Agent 5 | SurgePay | Non-bank | Inactive / not operational (BSP list) | Makati City |
The BSP list gives no licence dates, so we do not say when each firm was licensed.
Sources
- BSP list of VASPs www.bsp.gov.ph
- BSP Circular No. 1108 www.bsp.gov.ph
- BSP FAQ on Circular No. 1108 www.bsp.gov.ph
- BSP Memorandum M-2022-035 www.bsp.gov.ph
- BSP Memorandum M-2025-031 www.bsp.gov.ph
- BSP Memorandum M-2026-023 www.bsp.gov.ph