Philippines implements new crypto regulations: requiring licenses, local registration and 100 million pesos capital

On June 12, the Philippine Securities and Exchange Commission (SEC) officially implemented the most comprehensive cryptocurrency regulatory framework nationwide. The new regulations require all Crypto Asset Service Providers (CASPs) to register locally as legal entities, with a paid-up capital of no less than 100 million pesos (approximately $1.8 million), establish physical office locations, and separate customer assets from company funds. Service providers must also submit periodic reports, fulfill Know Your Customer (KYC) and transaction monitoring obligations, and store customer data within the Philippines. (Decrypt)