PH crypto sector backs tighter BSP rules, literacy push

Insider Spotlight

• Philippine crypto traders welcomed proposed tighter Bangko Sentral ng Pilipinas rules, viewing stronger oversight as part of the digital asset market’s maturation
• The BSP draft would freeze new Operators of Payment Systems registrations for 12 months while requiring payment firms to transact with regulated virtual asset service providers through direct arrangements
• Global Miranda Miner Group said regulation must be paired with stronger financial and market literacy as more Filipinos participate in crypto
  
  
  
  

The Philippine crypto trading community is backing tighter central bank oversight of the digital asset industry while calling for broader financial education to help investors understand risks.

Global Miranda Miner Group (GMMG) said the Bangko Sentral ng Pilipinas’ (BSP) proposed freeze on new payment system operator registrations and tighter controls on virtual asset service providers (VASP) could strengthen accountability and traceability. The group cautioned, however, that regulation does not make crypto investing risk-free.

Market literacy

Crypto users in the Philippines are projected to reach nearly 12.8 million this year. GMMG said growing participation makes market literacy increasingly important as newcomers encounter digital assets and investment risks.

“A pause on new licenses and closer controls on virtual asset service providers are not a step back for crypto. They are what happens when an industry grows up,” Global Miranda Miner Group CEO and Innovative Movement of the Philippine Association of Crypto Traders founding chair Arlone Abello said in a press statement. 

“When every payment can be traced to a real business, users, banks and partners can deal with crypto platforms with the same confidence they have in any other financial service. That is how the industry earns its place in mainstream finance. Our job now is to make sure users mature at the same pace,” he added. 

Stronger safeguards

The BSP draft circular would suspend new OPS registrations for 12 months while the central bank reviews its licensing framework. Payment companies would also be required to deal with regulated VASPs through direct arrangements, alongside enhanced due diligence, monitoring and transaction and settlement limits.

GMMG argued that stronger safeguards need to be complemented by education covering risk management, market behavior and disciplined trading.

“Reaching this level of participation shows that crypto is no longer just a niche interest. As the ecosystem grows, users also need to become more disciplined in how they understand risks, manage exposure, and make decisions in the market,” Abello said.

GMMG said it will work with industry partners and regulators to expand education in technical analysis, risk management and market behavior. Its next Crypto Roundtable is scheduled for November 2026. —Vanessa Hidalgo | Ed: Corrie S. Narisma