Philippine SEC Enforces CASP Rules, Blocks Crypto Exchanges
Philippine SEC has enforced its newly introduced CASP rules to strengthen investor protection and market integrity. The regulator published the Crypto Asset Service Provider (CASP) rules on May 30 and made them effective on July 5. Platforms offering crypto services to Filipinos must now register and obtain a license under CASP rules. Since July 5, the SEC has blocked access to unregistered crypto exchanges. In an August 27 webinar, officials clarified that no crypto exchange—local or foreign—is banned if compliant with CASP rules. The SEC distinguished its mandate from the Bangko Sentral ng Pilipinas (BSP), which oversees anti-money laundering for virtual asset providers. The advisory also listed red flags, such as platforms promising guaranteed returns or lacking SEC registration. Investors are urged to verify CASP rules compliance and choose registered crypto exchanges to avoid website blocking and other enforcement actions.
Neutral
The enforcement of CASP rules and the blocking of unregistered crypto exchanges by the Philippine SEC is primarily a regulatory measure aimed at investor protection rather than a direct market intervention. In the short term, some traders may experience restricted access to certain platforms, which could temporarily reduce liquidity for affected crypto exchanges serving Philippine users. However, the measures also reinforce market integrity, potentially attracting more institutional participation and fostering confidence in the long term. As the regulation applies uniformly to local and foreign platforms, compliant exchanges are unlikely to suffer price pressure, and the overall effect on cryptocurrency prices remains neutral.