Philippines Introduces Strict Rules for Crypto Token Listings
The Philippines has established a dual-regulatory framework to oversee cryptocurrency token listings, involving both the Bangko Sentral ng Pilipinas (BSP) and the Securities and Exchange Commission (SEC). The BSP will regulate Virtual Asset Service Providers (VASPs), ensuring compliance with anti-money laundering (AML) and consumer protection standards. Meanwhile, the SEC will oversee tokens classified as securities, mandating proper registration or exemptions for offerings.
The framework integrates existing laws such as the Data Privacy Act and Cybercrime Prevention Act, applying capital gains and income taxes to crypto assets. This move aims to enhance investor protections while addressing fraud and illicit activities in the digital asset space.
