FinTech: Latest On Crypto And Digital Assets

The BSP regulations on virtual asset service providers (VASPs) are fairly recent, and this is seen as the policymakers trying to catch up with virtual asset (VA) systems that are delivering financial services in faster and more economical means. Acceptance and use of VASPs is on the rise in the Philippines, and there do not appear to be any significant reservations on the roll-out of such services here, provided of course, that licensing and related requirements are complied with.

Similarly, the SEC has recently introduced its own regulatory framework for Crypto Asset Service Providers (CASPs), signaling that crypto-related financial services are not only accepted but are also subject to oversight by both the BSP and the SEC, depending on the nature of the services involved. This reflects a broader national attitude of cautious openness toward the crypto industry.