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Philippines

Retail_Trading_Status

Allowed-Regulated Unknown
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Analysis ID
#153
Version
Archived
Created
2025-04-12 06:51
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Live

Executive Summary

In the Philippines, buying, selling, and holding cryptocurrencies is legally permitted but actively regulated by the Bangko Sentral ng Pilipinas (BSP) and the Securities and Exchange Commission (SEC). Cryptocurrencies are recognized as assets, not legal tender, and intermediaries are subject to mandatory licensing and stringent AML/KYC regulations. The BSP's Circular No. 1108 outlines requirements for Virtual Asset Service Providers (VASPs), while the SEC has released draft rules for Crypto-Asset Service Providers (CASPs) to further regulate the market. Profits from crypto transactions are taxable.

Key Pillars

  • Primary regulator: Bangko Sentral ng Pilipinas (BSP) and Securities and Exchange Commission (SEC).
  • Core Compliance Requirements: Anti-Money Laundering Act (AMLA), Know Your Customer (KYC)/Customer Due Diligence (CDD) protocols.
  • Licensing/Registration Requirements: Entities operating as Virtual Asset Service Providers (VASPs) require a Certificate of Authority from the BSP; Crypto-Asset Service Providers (CASPs) will be subject to SEC registration under draft rules.

Landmark Laws

  • BSP Circular No. 944 (2017): Established guidelines for Virtual Currency Exchanges (VCEs), requiring registration with the BSP and compliance with AML/CFT regulations.
  • BSP Circular No. 1108 (January 2021): Introduced the term Virtual Asset Service Provider (VASP) and expanded the regulatory framework to cover a broader range of virtual asset activities.
  • Securities Regulation Code (SRC): Used by the SEC to regulate cryptocurrencies that qualify as "securities."
  • Anti-Money Laundering Act (AMLA): Requires VASPs and other covered entities to register with the Anti-Money Laundering Council (AMLC) and implement AML/KYC protocols.

Considerations

  • Cryptocurrencies are classified as assets or digital representations of value, not legal tender.
  • Profits from cryptocurrency transactions are subject to taxation, potentially including capital gains tax (up to 15%).
  • Regulators warn about the volatility and risks associated with virtual currencies.
  • High cryptocurrency adoption rates are driven by factors like the remittance market and a large unbanked population.

Notes

  • In late 2024/early 2025, the SEC released draft rules for Crypto-Asset Service Providers (CASPs) for public comment, indicating ongoing regulatory development.
  • The Philippines exhibits high cryptocurrency adoption rates, often ranking high in global indices.
  • Direct links to primary BSP/SEC circulars or rule pages are ideal but often not directly returned by general search.

Detailed Explanation

In the Philippines, individual citizens and residents are legally permitted to buy, sell, and hold cryptocurrencies, often referred to as Virtual Assets (VAs) by regulators. This activity is regulated by the Bangko Sentral ng Pilipinas (BSP) and the Securities and Exchange Commission (SEC). Cryptocurrencies are recognized as assets or digital representations of value but are not considered legal tender; they cannot be legally mandated for payment of debts or obligations. The BSP was an early regulator, issuing Circular No. 944 in 2017, establishing guidelines for Virtual Currency Exchanges (VCEs), requiring registration and compliance with AML/CFT regulations. This framework was updated and expanded in January 2021 by Circular No. 1108, which introduced the term Virtual Asset Service Provider (VASP) and covers a broader range of activities, including exchange between VAs and fiat currencies, exchange between VA forms, VA transfer, and custody. Entities operating as VASPs must obtain a Certificate of Authority from the BSP, meeting requirements such as minimum capital levels, AML/CFT controls, KYC procedures, IT risk management, consumer protection mechanisms, and corporate governance standards. Licensed VASPs include Coins.ph and PDAX. The SEC regulates cryptocurrencies or digital assets that qualify as "securities" under the Securities Regulation Code (SRC), particularly ICOs or tokens representing investment contracts. In late 2024/early 2025, the SEC released draft rules for Crypto-Asset Service Providers (CASPs) for public comment. These proposed rules aim to establish a comprehensive framework covering registration, public offerings, trading, marketing, AML compliance, cybersecurity, and prohibitions on market manipulation. Both BSP-licensed VASPs and SEC-regulated entities are considered "covered persons" under the Anti-Money Laundering Act (AMLA), requiring registration with the Anti-Money Laundering Council (AMLC), KYC protocols, transaction monitoring, and reporting of suspicious activities. Regulators emphasize consumer protection, with the BSP issuing advisories about the volatility and risks of virtual currencies, urging caution and dealing only with registered entities. The VASP guidelines mandate transparency regarding fees, risks, and complaint procedures. Profits from cryptocurrency transactions are subject to taxation, generally considered taxable income, potentially subject to capital gains tax (up to 15%, depending on holding period). The Philippines exhibits high cryptocurrency adoption rates due to a large remittance market, a young, tech-savvy population, high smartphone penetration, and a significant unbanked/underbanked population.

Summary Points

Here's a bullet-point summary of the Retail Cryptocurrency Trading Status in the Philippines, based on the provided report:

Retail Cryptocurrency Trading Status in Philippines: April 12, 2025

I. Overall Regulatory Status:

  • Allowed-Regulated: Individual citizens and residents are legally permitted to buy, sell, and hold cryptocurrencies (Virtual Assets or VAs).
  • Cryptocurrencies are recognized as assets but are not legal tender.

II. Key Regulatory Bodies and Roles:

  • Bangko Sentral ng Pilipinas (BSP):
    • Primary regulator of Virtual Asset Service Providers (VASPs).
    • Issues Certificates of Authority to VASPs.
    • Focuses on AML/CFT compliance, KYC, IT risk management, and consumer protection.
  • Securities and Exchange Commission (SEC):
    • Regulates cryptocurrencies and digital assets that qualify as "securities" (e.g., ICOs, investment contracts).
    • Developing rules for broader "Crypto-Asset Service Providers" (CASPs).
    • Focuses on registration, public offerings, trading, marketing, AML compliance, cybersecurity, and market manipulation.
  • Anti-Money Laundering Council (AMLC):
    • VASPs and SEC-regulated entities are "covered persons" under the Anti-Money Laundering Act (AMLA).
    • Requires registration, KYC protocols, transaction monitoring, and reporting of suspicious activities.

III. Important Legislation and Regulations:

  • BSP Circular No. 944 (2017): Initial guidelines for Virtual Currency Exchanges (VCEs).
  • BSP Circular No. 1108 (January 2021): Expanded framework for Virtual Asset Service Providers (VASPs).
    • Covers exchange between VAs and fiat, exchange between VAs, transfer of VAs, and custody of VAs.
  • Securities Regulation Code (SRC): Applies when cryptocurrencies qualify as securities.
  • SEC Draft Rules on Crypto-Asset Service Providers (CASPs) (Late 2024/Early 2025): Comprehensive framework for CASPs under SEC jurisdiction (currently draft).
  • Anti-Money Laundering Act (AMLA): Requires AML/CFT compliance for VASPs and SEC-regulated entities.

IV. Requirements for Compliance (VASPs and CASPs):

  • Licensing/Registration: Must obtain a Certificate of Authority from the BSP (VASPs) or register with the SEC (CASPs).
  • Minimum Capital Levels: Required, especially for custodians.
  • AML/CFT Controls: Robust Anti-Money Laundering/Counter-Terrorist Financing controls.
  • KYC Procedures: Know Your Customer protocols.
  • IT Risk Management: Adequate IT security measures.
  • Consumer Protection Mechanisms: Transparency regarding fees, risks, and complaint resolution.
  • Corporate Governance Standards: Adherence to corporate governance principles.
  • Reporting Requirements: Reporting suspicious activities to the AMLC.

V. Notable Restrictions or Limitations:

  • Cryptocurrencies are not legal tender.
  • BSP advisories warn about the volatility and risks associated with virtual currencies.
  • Must deal only with BSP-registered VC Exchanges.

VI. Recent Developments or Changes:

  • SEC Draft CASP Rules: The SEC released draft rules for Crypto-Asset Service Providers (CASPs) for public comment in late 2024/early 2025.
  • Increased SEC Oversight: The SEC is expanding its regulatory role in the crypto space.
  • Evolving Tax Legislation: Specific, comprehensive crypto tax legislation is still evolving, but profits are generally taxable.

VII. Adoption:

  • The Philippines exhibits high cryptocurrency adoption rates.
  • Factors driving adoption: remittance market, tech-savvy population, high smartphone penetration, and a significant unbanked/underbanked population.

Full Analysis Report

Report: Retail Cryptocurrency Trading Status in Philippines

Date: April 12, 2025

Topic: Retail_Trading_Status
Description: Assess whether individual citizens and residents in the country are legally permitted to buy, sell, and hold cryptocurrencies. Detail the regulatory environment surrounding this activity (e.g., KYC/AML requirements imposed on platforms, general warnings issued).

1. Current Status: Allowed-Regulated

2. Detailed Narrative Explanation:

Individual citizens and residents in the Philippines are legally permitted to buy, sell, and hold cryptocurrencies (referred to often as Virtual Assets or VAs by regulators). The activity is not banned but operates within an actively developing regulatory framework overseen primarily by the Bangko Sentral ng Pilipinas (BSP) and the Securities and Exchange Commission (SEC).

Regulatory Framework and Key Developments:

  • Legality and Recognition: Cryptocurrencies are recognized as assets or digital representations of value but are explicitly not considered legal tender in the Philippines. This means they cannot be legally mandated for payment of debts or obligations, although some businesses may choose to accept them voluntarily ([4], [7], [11], [16]). Trading and holding these assets by individuals is permissible ([2], [4]).
  • BSP Oversight (VASP Framework): The BSP was an early mover in regulating the space. In 2017, it issued Circular No. 944, establishing guidelines for Virtual Currency Exchanges (VCEs), requiring them to register with the BSP and comply with AML/CFT regulations ([5], [9], [11], [13], [22]). This framework was significantly updated and expanded by Circular No. 1108 in January 2021, which introduced the term Virtual Asset Service Provider (VASP) ([5], [11], [21]). This circular covers a broader range of activities, including:
    • Exchange between VAs and fiat currencies.
    • Exchange between one or more forms of VAs.
    • Transfer of VAs.
    • Safekeeping and/or administration of VAs or instruments enabling control over VAs (custody) ([8], [21]).
  • Licensing and Requirements: Entities wishing to operate as VASPs in the Philippines must obtain a Certificate of Authority from the BSP. This involves meeting specific requirements, including minimum capital levels (higher for custodians), robust Anti-Money Laundering/Counter-Terrorist Financing (AML/CFT) controls, Know Your Customer (KYC) procedures, IT risk management, consumer protection mechanisms, and corporate governance standards ([4], [8], [10], [11], [21]). Several platforms, like Coins.ph and PDAX, are licensed VASPs ([4], [11], [15]).
  • SEC Oversight (Securities and CASP Rules): The SEC steps in when a cryptocurrency or digital asset qualifies as a "security" under the Securities Regulation Code (SRC), often determined using criteria similar to the Howey Test. This typically applies to Initial Coin Offerings (ICOs) or tokens representing investment contracts ([4], [9], [10]). More recently (late 2024/early 2025), the SEC released draft rules for broader "Crypto-Asset Service Providers" (CASPs) for public comment ([2], [17], [18], [20], [24]). These proposed rules aim to establish a comprehensive framework covering registration, public offerings, trading, marketing, AML compliance, cybersecurity, and prohibitions on market manipulation for CASPs under SEC jurisdiction, further solidifying the regulated nature of the market ([17], [18], [20]).
  • AML/CFT Compliance: Both BSP-licensed VASPs and entities falling under SEC oversight (where applicable) are considered "covered persons" under the Anti-Money Laundering Act (AMLA). They must register with the Anti-Money Laundering Council (AMLC), implement robust KYC protocols, monitor transactions, and report suspicious activities ([4], [5], [9], [10], [11]).
  • Consumer Protection: Regulators emphasize consumer protection. The BSP has issued advisories warning the public about the volatility and risks associated with virtual currencies, urging caution and dealing only with registered entities ([3], [6], [9]). The VASP guidelines also mandate transparency regarding fees, risks, and procedures for handling complaints and resolving errors ([8], [21]). The draft SEC CASP rules also include provisions for investor protection ([17], [18], [20]).
  • Taxation: Profits derived from cryptocurrency transactions are subject to taxation in the Philippines. While specific, comprehensive crypto tax legislation is still evolving, income from crypto trading is generally considered taxable income, potentially subject to capital gains tax (up to 15%, depending on holding period) and should be declared in annual tax returns ([2], [4], [5], [12], [13]).
  • Adoption: The Philippines exhibits high cryptocurrency adoption rates, often ranking high in global indices ([5], [12], [19], [22], [24]). This is attributed to factors like a large remittance market (crypto offers potentially lower fees), a young, tech-savvy population, high smartphone penetration, and a significant unbanked/underbanked population seeking alternative financial tools ([4], [11], [19]).

In summary, while individuals are free to engage with cryptocurrencies, the ecosystem, particularly the intermediaries facilitating these transactions (exchanges, wallets, custodians), is subject to mandatory licensing and stringent regulations under the BSP and increasingly the SEC, confirming an "Allowed-Regulated" status.

3. Relevant Text Excerpts:

  • On Legality and Regulation:
    > "Yes, cryptocurrency is legal in the Philippines, and it is actively regulated by government agencies such as the Bangko Sentral ng Pilipinas (BSP) and the Securities and Exchange Commission (SEC)."

    • Source: vertexaisearch.cloud.google.com [2] (How to Buy Cryptocurrency in the Philippines (2025))

  • On Not Being Legal Tender:
    > "Yes, people can buy, sell, and hold Bitcoin, but the Bangko Sentral ng Pilipinas (BSP) says it's not legal for paying bills or shopping."

    • Source: Coinfomania [4] (Cryptocurrency Regulations in the Philippines)

  • On BSP VASP Regulation (Circular 1108):
    > "In 2021, BSP also introduced guidelines for Virtual Asset Service Providers (VASPs), requiring all operators to obtain licences to ensure compliance with anti-money laundering (AML) and counter-terrorism financing regulations."

    • Source: Tranglo [11] (The state of digital currency and remittance in the Philippines)

  • On SEC Draft CASP Rules:
    > "The Philippines' Securities and Exchange Commission (SEC) has released a draft of the “SEC Rules on Crypto-Assets Service Providers” (CASP), aiming to establish a robust regulatory framework."

    • Source: BitPinas [17] (Key Takeaways: SEC Draft Rules for Crypto Assets Service Providers in the Philippines)

      "MANILA, Philippines — The widespread adoption of cryptocurrency as an alternative financial product in the country has pushed the Securities and Exchange Commission (SEC) to craft guidelines covering the sector's service providers, providing another layer of protection for investors."

    • Source: INQUIRER.net [24] (SEC drafts rules on crypto services)

  • On AML/KYC Requirements:
    > "BSP supervision mainly addresses: Anti-Money Laundering (AML) and Counter-Terrorism Financing (CFT) requirements (i.e., compliance with Republic Act No. 9160 or the Anti-Money Laundering Act, as amended). Know-Your-Customer (KYC) protocols, transaction monitoring, and reporting of suspicious activities."

    • Source: Respicio & Co. Law Firm [10] (Liability for Crypto Buy and Sell Transactions in the Philippines)

  • On BSP Warnings:
    > "The advisory also reiterates that BSP does not endorse VCs as a currency or an investment instrument due to its highly-speculative and risky nature. The BSP highly encourages existing and prospective VC users to deal only with BSP- Page 5 5 registered VC Exchanges."

    • Source: Bangko Sentral ng Pilipinas [6] (A virtual currency (VC) is a type of dig)

4. Source Links:

  • [2] How to Buy Cryptocurrency in the Philippines (2025): https://vertexaisearch.cloud.google.com/grounding-api-redirect/AWQVqAIC0WW_m9j3H39KvnPaTgPAGZvOzgW7at13dUuAH5-A1Y5tJPjw1sHjfMRl-iUc6XNcLO7zcoNVp-ubTRuwlM_nyGiEPQIzApB1qkeV9Cz7JcxzFURs7NbLegXHLYJf_C2cHgUqx62w3DGCfw_TGGQQsgz3nco9yWHsumfLWDmS
  • [3] BSP Warning Advisory (2014 - Note: Pre-dates formal regulation): https://vertexaisearch.cloud.google.com/grounding-api-redirect/AWQVqALNBksMKeLvGEV6vVw2-8accY0n32IjkuZT7aUrG_icft_9RIOMfx6S2z0dkeWCZ4G3aCocgQMdLPSOjHbI4E7Pkl8sjbgoGVCAoTBGClZUp2vyF_oado-EnwuHRZBSERoEeZNXsXANyFYUDo-VUaiCHVUCsJWqpU6LEuOjAnMQ7AopBp76CbONjrs9X9cga7u79E8IzvW26xP7dsC6BESo1ca5BGG-Hp4ZsknY_NQ4w6tFAfQoV3szu80AP3oTzXGPjGw2JmQ-dA== (via AMLC website)
  • [4] Coinfomania - Crypto Regulations: https://vertexaisearch.cloud.google.com/grounding-api-redirect/AWQVqAJbges-USNg43-h40dkSEj1NlBeSZJSn_kc6ZgkiGzVe1zHayiAM3qI5qu-RGLeKtR_rFCJ7WrzqoTMld7zvbInkFxEvD74vnrYWUnDJk7CJuvKPd5YS9EE1yFbp4GmOJ4WZMD5PlK9Ja7XfPNF1r8_GqLS4JDY5YIwFAI=
  • [5] Cryptocurrency in the Philippines: Adoption, Regulations, and Taxation: https://vertexaisearch.cloud.google.com/grounding-api-redirect/AWQVqAJfK3aLT1YZRzI9Xh3LBm0d3KOsTVxqAm0WZ8IkbSLAxNanioV1DFnDFYK1jOKvv5nVpw4AACLvUHJJmD1M8uCE8kKTGfGzXLI0J-opSb4s1rjZiT29ecUrLT3VU5eTjkWCh609XWJ3zf7_RTZDWkQwlKd-KvCrIDXCQHAA3uiRJheE_vY84QXwPgaD4stXnqDKRjXScEMiQA==
  • [6] BSP FAQ on Virtual Currencies: https://vertexaisearch.cloud.google.com/grounding-api-redirect/AWQVqALfQul9Q9Qeq0unxbSfdylmDXhnF135TA-RvW9g_IrhZEMbmleuZarBo2KPdufp7EjXgd8IBV0b4Vcqo5tIBo8NI5Dl5C0w-H2BVbpfFBsHYszFxcL9YnBdhcWxBf96wBPcaWBiYY1VgGya3C70xtLY5Zgbag== (Likely referencing content from BSP website)
  • [7] Freeman Law - Philippines and Cryptocurrency: https://vertexaisearch.cloud.google.com/grounding-api-redirect/AWQVqAJNqzJL5X2Y_L5jgqHrsHJfQbG9NqNCHoc-FGpoD-BkdkmlMjmZLQaUYb0YhXBQoPxJ_xfp_Rtn9e5arUXrq02kCkOFhnqPAi2brWrcK4TRQJqcrLSPDVSHPnUV_jIANevsqUJ1emY2
  • [8] Tetra Consultants - VASP License: https://vertexaisearch.cloud.google.com/grounding-api-redirect/AWQVqAIz1OdXey9LqRuk5axx-SJP5pdsDWMBaTZAkLAS7FKHesIe0opAiZTvwhmwpMO9m_xCOmorkazshrZUejhP5JOfhsx9Ub3TrMn9XvWxgtCdtsRxEcJdA5NWOMmh4ir3mZhbnVCmmLf3IGKWR1YGMyf8D_rsX2vqqaKVAhk0DV0VPv17KLFy5kBX--2tmMGqEyK0JuLi4tV3agMV3ud1jzwBj-y4xVVGAQ==
  • [9] Regulation of Cryptocurrencies and High-Risk Industries: https://vertexaisearch.cloud.google.com/grounding-api-redirect/AWQVqALCoJaWKaJaUTeyK5QYmiaFo5ip3SEtW779kZSptqAO4YVXDbQRJzJNhfmh1_sO2NY1vkQyn1nIGgjvSN4zahopDuul_NjY97lIQ0g25NuwFtD0B8xXfDWH-nIJd0w0-HOLBjJ8RmaNTZjtqg5HM3HtrRxseqQG3-olsO-lFv0JR3sa9ZApycFgO4Bcq1QIcvsBe70hk3fBtvvjLOtKxtQFc1rpgQ==
  • [10] Respicio & Co. Law Firm - Liability for Crypto: https://vertexaisearch.cloud.google.com/grounding-api-redirect/AWQVqAKjgCydr9cYXiB8jQvf8-0bpUPYlOvC6WfaJrxw8_MBB3WayIgRaS-LZFGnGgn3PBNpFHXwIVhpq5k8jdHttD8vCUaAHo_0fyGhq1oPLADLLyWn7E5P7_RuXzkb-rt6muLhW-AC8JJ77aSKq5pBQvya61k-1uNkGM9p45gXpGa6YjvGytjlBapD-P6AuC0nFECm9ZZEs-jfdbRNww==
  • [11] Tranglo - State of Digital Currency: https://vertexaisearch.cloud.google.com/grounding-api-redirect/AWQVqALaze4ZBnkVnk0YLOPuT-9Y5syBaUph3svFhF5ay6PKS3q9zemG9RRNRyvhth7oM_l2lkiwJXTeVYcOnpOhhViaIEXEhxG0ghc06GeQ1eTT1Pa6fqixg3D6S6TSkJX7FoqU3YixSoTkBXlHl5TamDUXIPxPN4DCbMMrJ13CJ0Jh6H3imrqc1Y_DA3ynSq8ZotC7Bg==
  • [12] Kryptos.io - Philippines Crypto Tax Guide: https://vertexaisearch.cloud.google.com/grounding-api-redirect/AWQVqAK4BmhxcbqIN31niVnLgi64Q6cDMQbfo8jBbX1bPDH1-tIuhr8P65MUwxzgiuznDHuZ5NhLpxBPTpCf9tRoZmGCgfw1aTotLw0O_o1OU7PR8mctxtI7MkiBMKs3PV8pMBLsXfCyOpgqWuQdLg==
  • [13] Philippines Crypto License Overview: https://vertexaisearch.cloud.google.com/grounding-api-redirect/AWQVqALsm0swiP51fU15r9QhHXjiXhY5umuOsKozKfT5nKmsnf9CbtIMAkpW3sbK6pxYjN9WYYDXtAMSBdxKNzK2tTZNQNCWoUlZeGHUKkXX3GVASzyGGBwFuuyceEfy_H7O8w==
  • [15] List of Licensed Cryptocurrency Exchanges: https://vertexaisearch.cloud.google.com/grounding-api-redirect/AWQVqAKSO99coalzsi-zAbOG4a-MzPuA-X9NAwu1ztvOttkV88tPWPMklvqpwDWAFVkzKRq8MtD2n_Ni5zdbrLfaQKhSASNek5P_NWlfgtlLM78xpnvt1ig2O_gyfvXWfa0P7zULT7ITvhyH6hjSwy72Cb4yWEGIfBXRZJ4ZqFqZIZ60sq7vY21vrjueNC0pE-qFm7LgYJeLlvcfyRih4A==
  • [16] Wikipedia - Legality of Cryptocurrency by Country: https://vertexaisearch.cloud.google.com/grounding-api-redirect/AWQVqAItN-lOO-FcD_PF1oXs-zP7Y3ZltUKUmrP6VV6zwR2c-j7SpGcrbPcvLFzlsw_wb0nTmaQkKr8bkLhlX3gbaylOsA4UpuPRTYlQy1f9tjzsjLJ-q6IfE4WUA2FFIpg_RRSkRrDkSxPIRHUJ2qVwf6_Riy3OPEAnElZI7aOcm-sNtKgPjLcB
  • [17] BitPinas - SEC Draft Rules Key Takeaways: https://vertexaisearch.cloud.google.com/grounding-api-redirect/AWQVqAIAVK0QWqi47P-kcuYwnYVo4A_fdq9qulAwc6BMWto5AhW3poAw0tlSxuZZ-6rr-OY5yU_gJnuwaoUjuA7UHu7SUiAPTWdIFiRu6HpIR6vVwljt6QU6hG7_I5XpPrxHKA9QNTjdFSPGsh2bkIKD2y068n07fiaWFfh5PNkRYuwAU9bpyrc=
  • [18] BitPinas - Full Text SEC Draft Rules: https://vertexaisearch.cloud.google.com/grounding-api-redirect/AWQVqAKHXcxYUGDEIzNoRa1DjWVGIpqwdMUZAs_GRErijWbhY7KPeDRLMoru52G4_DHnKoNuhMLSrhP-eJkwoKkGUWFRsfRu3b26VpRBmjscca1_kJ_eH-difjkwsRowSdkkNkTN1xqkMrHN6qgrNbFGxaO8yzB3WdyoyIQ0nvDc68WVAh2v9AdGkszyH1c81patPYExvYF_JuZj2N4HoBnLmw==
  • [19] Triple-A - Crypto Ownership Philippines 2021: https://vertexaisearch.cloud.google.com/grounding-api-redirect/AWQVqALhgbzrNh_bpRmeUYyQylzCHz7ThqTMM-3G5vjotkTITW-aKQFIhutoXlHCe84vB6vY4HC8Vhj1NRJy3t0_T7amSZHuMX0cH8xRBmIvrg3UPfu6Zw5Kmy71Ivxr7zP6CP_LqCU_2p7_b2c-XiKA5QkAqGKAyuYSthHoUErga6jpNJIWzFYOo0vtDjBWVMqvLEvs-Ymk
  • [20] Asset Servicing Times - SEC Proposes Rules: https://vertexaisearch.cloud.google.com/grounding-api-redirect/AWQVqAK9FT0u5L5VJJRTU7tY8SXRZlAk7sEa5K4BxNBZ56dCJ4rhj37yqVyYu2kAxnb_EpzKC_yziWcI4Vu8kJkbS4WxDulmKQzCdxmdSJqGUr2uO6WeBDzZnDUFJKJeZkEnEJaJOf0bXbpE_jJxSb2If28ie6GnSD2CxptjqfFHBLpsn72hYz3LlNMIg_3tN2UKSw==
  • [21] BSP Circular No. 1108 (VASP Guidelines): https://vertexaisearch.cloud.google.com/grounding-api-redirect/AWQVqAKFkar7n1NjsVZNjz9WL_hCDjuz52P4pJqZdbcsAitq9rCEH_V_YedX9K1eyB7weId8EP0gAmfTbCUNWEvPoAdw-_DGOS6mwdejPs0sZ_k6fT3Gxr3BZ25mFK_2Uierq0ag7xANF5a_uZqKPZR8is4= (Link to search result, direct BSP link preferable if available)
  • [22] YCP Solidiance - Seizing the Moment: https://vertexaisearch.cloud.google.com/grounding-api-redirect/AWQVqAI7dWciag2ciVHaxikAKzGOgIDGvTmWbQ5DBynJoQxNEpNe3jyAe13SAK1tOQr7TE5mwZDfhU5uvwl2F51QKp0Ljd7Ael9JBmx1-A3sKVKgsWBOSTfOJ0D8ojzSLyfuBj_g4pTgvKu38uw2Jokg5ib3sgsSOKqEeqfot3aEz64dGFux1kNysObkIxInC80MrhW3ACX9jexqgqIWGOZm79Zwhvo=
  • [24] INQUIRER.net - SEC Drafts Rules: https://vertexaisearch.cloud.google.com/grounding-api-redirect/AWQVqALeZrqJie1g-cbjeRmhTvlYH_eEw_bccjmOrZ91FoDaaEnQIJREgYb-_1W5UySbdKdiyfzKbtmyRfcgWy--zhRW7h-A0gL0v1WWFGWlu1iuHeE-t8k9u-a5tPgU0tsg2TSbT0Z055iBhK9TpFdSj9rvVtNc4O5SKmmhBqcPng==

(Note: Direct links to primary BSP/SEC circulars or rule pages are ideal but often not directly returned by general search; the provided links lead to reliable secondary sources discussing or citing these primary documents.)

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