---
type: city
domain: crypto-regulation
status: stable
tags: ["crypto-regulation", "southeast_asia", "apg", "legal"]
aliases: ["PH-MNL", "PHL-MNL", "Maynila"]
created: 2026-04-13
updated: 2026-04-02
compile_into: ["[[country--philippines]]"]
sources:
  - name: "BSP / SEC Philippines / CEZA"
    url: "https://www.bsp.gov.ph"
    type: "official"
  - name: "BSP Circular 1108"
    url: "https://www.bsp.gov.ph"
    type: "framework"
---

# 🇵🇭 Manila (CEZA) (PH-MNL) — Crypto Regulation

> The Philippines has a clear regulatory framework for cryptocurrencies, governed primarily by BSP Circular 1108, indicating a legal status for crypto activities.

## Overview

| Field | Value |
|-------|-------|
| Status | Legal |
| Sub-jurisdiction of | [[country--philippines|Philippines]] |
| Risk Score | 30/100 (Moderate Risk) |
| Enforcement Level | Moderate |
| Region | [[domain--asia-pacific|southeast asia]] |
| Currency | [[entity--php|PHP]] |

## Tax

| Type | Rate |
|------|------|
| VAT on Crypto | Yes |

Cryptocurrency transactions are subject to VAT as per the regulator's guidance, but specific rates for capital gains, staking, mining, and airdrops are not explicitly stated.

## Licensing

| Field | Value |
|-------|-------|
| Required | Yes |
| Regulator | [[entity--bsp|BSP]] / SEC Philippines / CEZA |
| Framework | BSP Circular 1108 |
| Ease | medium |
| Cost | N/A |
| Timeline | N/A months |

Licensing is required for crypto exchanges and service providers under BSP Circular 1108, with moderate ease of obtaining licenses.

## AML / KYC

| Field | Value |
|-------|-------|
| KYC Required | Yes |
| Travel Rule | Yes |
| FATF Member | No |
| FATF Status | fsrb_only |

## DeFi

**Status:** regulated

DeFi activities are regulated under the existing crypto regulatory framework, requiring compliance with AML and licensing rules.

## Stablecoins

**Status:** regulated

Stablecoins are regulated under the BSP framework, requiring issuers to comply with licensing and AML requirements.

## NFTs

**Status:** no_rules

No specific NFT regulation

## Mining

| Field | Value |
|-------|-------|
| Legal | Yes |
| Electricity Cost | $0.1/kWh |
| Renewable Energy | 18% |
| Climate | tropical |
| Infrastructure | good |

Mining is legal with moderate electricity costs and a tropical climate affecting cooling. Infrastructure is rated good in Manila CEZA zone.

## Geopolitics

| Field | Value |
|-------|-------|
| Stability | stable |
| Sanctions | No |
| Corruption Index | 34/100 |
| Ease of Business | moderate |
| Internet Freedom | partly_free |
| Banking Access | moderate |

## Enforcement

Enforcement focused on unlicensed operators and consumer protection

## CBDC Status: exploring

---

*Data source: [Soken Crypto Legal Map](https://soken.io/crypto-map/). Last reviewed: 2026-04-13.*

**Sources:**
- [BSP / SEC Philippines / CEZA](https://www.bsp.gov.ph)
- [BSP Circular 1108](https://www.bsp.gov.ph)