[Video] What the New SEC CASP Rules Mean for Crypto Exchanges and Influencers in the Philippines

In a video published on June 5, 2025, all while clarifying that he was speaking in a personal capacity, Luis Buenaventura, the head of GCrypto and vice president at GCash, expressed that the Philippines’ new crypto regulations are not a crackdown on education. They are instead a stance against unregistered operations.

Following a direct consultation with the Securities and Exchange Commission (SEC), Buenaventura relayed the regulator’s position that crypto asset operations must comply with the new Crypto Asset Service Provider (CASP) rules.

Accordingly, influencers must only work for registered crypto asset service providers, and they must be incorporated as a business in the Philippines, the final crypto rules imply.

The video is published below along with a summary of the key points.

Exchanges Must Register with Both SEC and BSP

Based on his meeting with the SEC, the Commission said firms must establish legal entities in the Philippines and obtain licenses from both the SEC, as CASPs, and the Bangko Sentral ng Pilipinas (BSP), as VASPs.

“The service provider or the CASP must be incorporated in the Philippines. That is one of the biggest requirements.”

Luis Buenaventura, GCrypto Head and Vice President, GCash

SEC Clarification: Enforcement Targets Foreign Exchanges

Buenaventura said that the SEC clarified that it cannot supervise international exchanges that operate without a local entity because they are not registered locally. The regulator views these operations as prohibited under Philippine law.

The SEC clarified further that:

Foreign platforms bypass local regulation by lacking Philippine incorporation.
The SEC intends to block or ban these entities if they continue operating without registration.
The Binance enforcement action was cited as precedent. (Read more: [BREAKING] Binance Blocked By SEC, NTC in the Philippines)

Sharing his personal opinion, Buenaventura shared that the SEC implied during their meeting that influencers and marketers must only promote registered CASPs, examples of which are known local exchanges Coins.ph and PDAX, and that promoting unregistered platforms constitutes a violation, regardless of the promotional format.

Other implications are as follows:

Only platforms with valid SEC and BSP licenses may be legally promoted.
Influencers must operate as Philippine-registered businesses, typically as marketing firms.
Compensation, whether cash or gifts, qualifies one as a professional subject to regulation.
- In a previous video, Buenaventura said he thinks the SEC is probably not going to come after mere merchandise or souvenir items like jackets or mugs.
- But it will be a different story if the gift is, for example, a Rolex watch worth ₱500,000.
Unpaid fans discussing crypto assets are not affected.

“If a particular exchange or platform is not a registered CASP, the SEC said they could eventually get blocked or banned.”

Luis Buenaventura, GCrypto Head and Vice President, GCash

Consequences for Non-Compliance

The SEC can impose fines ranging from ₱50,000 to ₱10 million, issue cease-and-desist orders, and conduct investigations.

Investigations and hearings
Cease-and-desist orders
Fines ranging from ₱50,000 to ₱10 million
Contempt proceedings for non-compliance

Local Exchanges Urged to Improve Amid Changes

Buenaventura acknowledged that Filipino users often favor international platforms due to lower costs and broader offerings. He urged licensed Philippine exchanges to improve their services to meet market expectations:

Local providers must enhance affordability, competitiveness, and accessibility.
The changing regulatory landscape demands faster adaptation.

Speaking in his capacity as the head of a local crypto exchange, Buenaventura said:

“We understand how heavy the weight of responsibility is to the Philippine public that we provide better, more competitive, more efficient, and more affordable crypto services.”

Luis Buenaventura, GCrypto Head and Vice President, GCash

This article is published on BitPinas: What the New SEC CASP Rules Mean for Crypto Exchanges and Influencers in the Philippines

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