The Philippines has introduced comprehensive cryptocurrency regulatory regulations, requiring licenses and meeting capital requirements

Golden Finance reports that cryptocurrency service providers in the Philippines must now obtain licenses and comply with strict information disclosure requirements, making it the most comprehensive digital asset regulatory framework in the country to date. Crypto asset service providers (CASPs) operating in the Philippines must register as local companies and meet a minimum paid up capital requirement of ₱ 100 million (approximately $1.8 million). The new regulations were issued on May 30th in accordance with Circular Memorandum No. 5 of the Philippine Securities and Exchange Commission (SEC) and officially came into effect on Thursday. Enterprises also need to establish physical office spaces, isolate customer assets from company assets, and regularly submit operational reports.