The Philippines Securities and Exchange Commission (SEC) recently announced that all local and foreign cryptocurrency trading platforms operating in the Philippines must complete registration by July 5, 2025. The SEC reiterated that cryptocurrency trading itself is not prohibited, but unlicensed platforms are not allowed to provide services within the Philippines, otherwise, they will face the risk of being banned.
This regulatory upgrade aims to protect investor interests, maintain market order, and ensure fair competition in the industry. The SEC pointed out that unregistered platforms are at high risk of fraud, money laundering, illegal fundraising, and loss of funds. Compliance management is crucial for the long-term development of the cryptocurrency industry. Registered platforms must strictly comply with local and international regulations, including user identity verification, anti-money laundering measures, and transaction transparency requirements. Industry insiders believe that this measure not only protects investor funds but also creates a fair competition environment for legal platforms, promoting the healthy development of the industry.
Meanwhile, the Philippines Department of Information and Communications Technology (DICT) has issued a strong warning to instant messaging and e-commerce platforms. DICT Minister Henry Aguda pointed out that some illegal gambling operators, after being cut off from cooperation on electronic wallet platforms, began to use Telegram, Viber, and other messaging apps, as well as some e-commerce platforms for promotion and transactions. If these platforms do not clean up related gambling content, they will face a comprehensive ban.
Aguda revealed that most illegal gambling advertisements and user recruitment activities are being conducted through messaging software, and some shopping apps are even secretly selling gambling tickets. He stated bluntly: "Most of them have already moved to Telegram and Viber. If not cleaned up, we will directly ban them." The government has cooperated with social platforms like Facebook to delete gambling-related pages and will introduce solutions soon.
In the crackdown, DICT has shut down about 8000 illegal gambling websites, but new illegal sites continue to emerge. The department maintains close cooperation with telecommunications companies to ensure comprehensive enforcement of regulatory measures. Mainstream Philippine payment platforms GCash and Maya have also announced the termination of cooperation with gambling websites. GCash CEO Carl Cruz stated that the company's business diversification means that decoupling from gambling will not have a significant impact on it.
DICT emphasizes that the public and businesses must recognize the risks posed by illegal gambling, and once a platform or application is found to be involved in illegal activities, the government will take the most severe punitive measures. This series of regulatory actions indicates that the Philippines is accelerating the rectification of the digital finance and online gambling markets to protect investor safety and industry order.
