Philippines 2025 Crypto Year in Review: Regulation, Privacy Fights and Exchange Blocks
2025 reshaped the Philippine crypto landscape, shifting focus from speculation to regulation, privacy and government adoption. Key events: SEC introduced and refined the CASP rules (₱100M paid-up capital; CASP enforcement from July 5), BSP-backed NTC blocking of 50 unlicensed VASPs (Dec 23) that rendered global platforms like Coinbase and Gemini inaccessible for many ISPs, and the National Privacy Commission’s cease-and-desist against Tools for Humanity/Worldcoin over paid iris scans. Other notable developments: DBM minted SARO NFTs with Bayanichain (government on-chain experiments); Rep. Miguel Luis Villafuerte filed a Strategic Bitcoin Reserve bill proposing acquisition of 2,000 BTC yearly; Pi Network moved to Open Network with community merchant events; Bybit/Bitget briefly integrated with QR Ph before SEC flags; high-profile money-laundering/kidnapping case (Anson Que) traced funds into crypto and frozen with help from Binance and Chainalysis; Senate passed the CADENA Act pending harmonization with the House. Impacts for traders: reduced access to some global venues, higher compliance costs for local VASPs, increased on-chain government transparency initiatives, and stronger enforcement against unlicensed services. Primary keywords: Philippines crypto, CASP rules, VASP block, Worldcoin, CADENA Act. Secondary keywords: BSP, SEC, NPC, SARO NFT, Bitcoin reserve, QR Ph integration, money laundering.
Neutral
The net market impact is neutral. Enforcement and licensing (SEC CASP rules; NTC blocking unlicensed VASPs) reduce access to some global platforms and raise compliance costs for local exchanges — bearish for short-term trading liquidity and certain spot opportunities. High-profile law enforcement successes (Anson Que tracing and freezes) increase regulatory certainty and AML enforcement, which supports institutional confidence long-term — bullish for regulated venues and onshore liquidity. Government adoption projects (SARO NFTs, CADENA Act, Bitcoin reserve proposal) signal structural demand for tokenization and clearer frameworks, which is constructive for market maturation. Historical parallels: India and South Korea saw short-term volatility when regulators tightened access, but longer-term institutional adoption improved market quality. Traders should expect short-term liquidity fragmentation and exchange access risks, but improved compliance and government use-cases could support stable, regulated market growth over 12–36 months. Short-term trading actions: reduce reliance on blocked global platforms, shift to licensed local VASPs or decentralized on-chain routes, monitor regulatory lists. Long-term: favor onshore licensed platforms, tokenization projects and assets with clear regulatory treatment.