SEC Commissioner Quevedo warned crypto firms against operating without approval, revealing that three applicants must settle penalties of up to ₱20 million before entering the StratBox regulatory sandbox.
The BSP clarified that Binance and BlockShoals do not hold VASP licenses, underscoring that SEC sandbox participation does not replace separate central bank authorization requirements.
Krystal Finance has implemented a mandatory disclaimer for users attempting to access its services from the Philippines.
Some users shared that there are already nine cryptocurrencies available on Go Crypto.
The Securities and Exchange Commission (SEC) pushed back against criticism that it abruptly moved to restrict unregistered international crypto exchanges in the Philippines, stressing that Filipinos had been given sufficient time to withdraw their funds before enforcement actions were taken.
According to the Commission, these platforms allow Filipino users to sign up using Philippine mobile numbers and accept payments in pesos, often through local banks or e-wallets.
The Philippine SEC will host a free public webinar on August 27 to explain new CASP rules, answer crypto questions, and promote investor protection.
Filipino traders noted which features of a crypto exchange matter to them:
The SEC stated that the rules, which took effect on July 5, apply to all entities, local or foreign, that offer crypto services to users in the Philippines.
Filipino crypto traders hit Coins.ph and PDAX with one-star Google Play reviews after the SEC blocked access to 10 unregistered foreign exchanges.
