How to Process Late Registration of a Child’s Birth Certificate in the PhilippinesIf you are about to send pesos or crypto to a wallet, exchange, trading app, OTC dealer, or “investment platform,” verify first whether the provider is actually registered or authorized in the Philippines. A polished app, a Facebook page, a celebrity endorser, or an SEC certificate of incorporation does not automatically mean the company may legally offer crypto exchange, custody, transfer, or wallet services to Philippine users. This guide explains what BSP registration really means, where to check the official BSP list of Virtual Asset Service Providers, how to spot misleading claims, and what to do if you already sent money to an unregistered provider.
What is a Virtual Asset Service Provider in the Philippines?
In Philippine regulation, a Virtual Asset Service Provider, or VASP, is an entity that offers services or activities involving the transfer, exchange, or custody of virtual assets.
Under BSP rules, a VASP generally covers businesses that do any of the following:
- Exchange virtual assets for fiat currency, such as Philippine pesos or US dollars.
- Exchange one type of virtual asset for another, such as BTC to ETH.
- Transfer virtual assets for customers.
- Safekeep or administer virtual assets or instruments that allow control over virtual assets.
A virtual asset is a digital unit that can be digitally traded or transferred and can be used for payment or investment purposes. In ordinary terms, this usually includes cryptocurrencies and other crypto-assets that are transferable or tradeable.
Not every crypto-related product is a BSP-regulated VASP. For example:
| Product or activity | Usually check with | Why |
|---|---|---|
| Crypto exchange app converting PHP to crypto or crypto to PHP | BSP VASP list | This involves exchange between fiat and virtual assets |
| Custodial wallet that holds users’ crypto | BSP VASP list | This may involve safekeeping or administration of virtual assets |
| Bank offering crypto-related services | BSP list and bank directory | Banks are separately supervised, and crypto service authority must still be checked |
| Token sale, ICO, staking investment, profit-sharing scheme, or crypto securities offering | SEC | Investment solicitation and securities issues fall under SEC jurisdiction |
| Pure self-custody wallet software where only you hold the seed phrase | Not necessarily BSP | A software tool alone may not be a regulated financial intermediary |
| Hardware wallet device | Not BSP as a financial provider | It is usually a product/device, not a financial service provider |
| Gaming tokens usable only inside a game | Usually outside BSP VASP rules | BSP rules distinguish certain closed-loop gaming tokens from virtual assets |
The practical question is this: Is the company doing business for customers by exchanging, transferring, or holding crypto? If yes, check whether it appears in the BSP’s VASP directory and whether the exact legal entity matches.
Legal Basis: Why BSP Registration Matters
The Bangko Sentral ng Pilipinas regulates VASPs because crypto transactions can involve money transmission, consumer risk, cybersecurity risk, money laundering risk, terrorist financing risk, and cross-border enforcement problems.
The main legal and regulatory bases include:
- Republic Act No. 7653, or the New Central Bank Act, as amended by Republic Act No. 11211, which gives the BSP supervisory and regulatory powers over covered financial institutions.
- BSP Circular No. 1108, Series of 2021, which issued the original Guidelines for Virtual Asset Service Providers.
- BSP Circular No. 1206, Series of 2024, which consolidated and updated rules for money service businesses and VASPs under the M-Regulations of the Manual of Regulations for Non-Bank Financial Institutions.
- Republic Act No. 11765, or the Financial Products and Services Consumer Protection Act of 2022, which protects financial consumers’ rights to fair treatment, transparency, protection of assets, data privacy, and timely complaint handling.
- BSP Circular No. 1169, Series of 2023, which sets the BSP procedure for consumer assistance, mediation, and adjudication of financial consumer complaints.
- Republic Act No. 9160, or the Anti-Money Laundering Act of 2001, as amended, including later amendments such as RA No. 11521, which strengthened the Philippine anti-money laundering framework.
- Republic Act No. 8799, or the Securities Regulation Code, especially when the crypto product is being offered as an investment, security, token sale, or profit-generating scheme.
- Republic Act No. 12010, or the Anti-Financial Account Scamming Act, which is relevant when scammers use financial accounts, e-wallets, mule accounts, or social engineering to obtain funds.
BSP registration is important, but it is not a guarantee that you will make money or recover losses. It means the provider is subject to BSP rules, supervision, reporting obligations, consumer protection standards, cybersecurity expectations, and anti-money laundering controls. It does not mean the BSP endorses the coin, token, exchange rate, investment return, trading strategy, or market price.
The Official BSP List of Registered VASPs
The most important document to check is the BSP’s official List of Virtual Asset Service Providers (VASP).
You can access it through the BSP website by searching for “List of Virtual Asset Service Providers” or “VASP.” The current BSP directory file may also be opened directly through the BSP List of Virtual Asset Service Providers PDF.
The BSP list identifies the institution name, chief executive or president, address, contact details, and classification.
As of the BSP VASP list dated 31 May 2026, the directory includes the following categories:
| BSP classification | Entities listed |
|---|---|
| Active non-bank VASPs | Betur Inc. doing business as Coins.ph; Bloomsolutions, Inc.; Maya Philippines, Inc.; Moneybees Forex Corp.; Philippine Digital Asset Exchange (PDAX); TopJuan Technologies Corporation; XenRemit, Inc. |
| Inactive / not operational non-bank VASPs | Direct Agent 5, also doing business as SurgePay mobile app; WIBS PHP, Inc. |
| Active bank VASPs | GoTyme Bank Corporation; Union Bank of the Philippines, Inc. |
Because the list changes, do not rely only on screenshots, old blog posts, TikTok videos, or cached PDFs. Always check the latest version on the BSP website before sending money.
Step-by-Step Guide: How to Verify a Crypto Wallet or VASP with the BSP
1. Get the provider’s exact legal name
Before checking the BSP list, identify the actual legal entity behind the app or website.
Look for:
- Terms and Conditions
- Privacy Policy
- User Agreement
- “About us” page
- App Store or Google Play developer name
- Receipts or transaction confirmations
- KYC page
- Email footer
- Customer support reply
- Invoice or official receipt
- SEC certificate, if they show one
Be careful with trade names. A company may operate under a brand name that differs from its registered corporate name. For example, the BSP list may show a legal entity and state that it is “doing business under the name and style” of a known app or brand.
You should verify both:
- The brand name people recognize; and
- The legal entity name that is actually registered.
If the website only shows a brand but refuses to disclose the Philippine legal entity, treat that as a serious warning sign.
2. Go to the BSP website, not a reposted list
Use the official Bangko Sentral ng Pilipinas website.
A practical way to find the list:
- Open the BSP website.
- Use the website search function.
- Search for “VASP” or “Virtual Asset Service Providers.”
- Open the official PDF directory.
- Confirm the “as of” date on the PDF.
- Search within the PDF for the legal name, brand name, or trade name.
Do not rely on a PDF sent to you by an agent through Telegram, Messenger, WhatsApp, or Viber. Scammers sometimes send edited screenshots or old registration documents.
3. Match the name exactly
This is where many people get misled.
A provider may say:
- “We are partnered with a BSP-registered provider.”
- “Our payment channel is licensed.”
- “Our company is SEC registered.”
- “Our owner has another licensed company.”
- “We use a licensed exchange for settlement.”
- “We are registered abroad.”
- “We are applying for BSP registration.”
Those statements are not the same as being listed as a BSP-registered VASP.
Check whether the exact entity that receives your money, holds your crypto, or controls your account appears in the BSP list. If the app is operated by Company A but the BSP list shows Company B, ask for written clarification and verify the relationship through official channels.
4. Check the status category
Do not stop after finding the name. Check the classification.
The BSP list may distinguish between:
- Active non-bank VASPs
- Active bank VASPs
- Inactive or not operational VASPs
If a provider is listed as inactive or not operational, do not assume it can currently accept customers or process crypto transactions. Confirm directly with BSP or the institution through official contact details.
5. Compare contact details and website details
The BSP list may show official contact information, office address, and responsible officers. Compare these with:
- Website domain
- Email domain
- Mobile number
- Customer support channel
- Office address
- Social media accounts
- App publisher name
Be cautious if the “agent” uses:
- Personal Gmail, Yahoo, or Outlook address
- Random Telegram handle
- Personal GCash or Maya account
- Personal bank account
- Foreign bank account unrelated to the listed company
- A shortened link
- A mirror website with a slightly different spelling
- A cloned app outside official app stores
A real registration can be abused by impostors. Your goal is not only to confirm that a company exists, but also that you are dealing with the real company.
6. Check whether the activity is BSP-regulated, SEC-regulated, or both
Some crypto businesses need more than one regulatory analysis.
Use this guide:
| What the provider offers | Main concern |
|---|---|
| Buy/sell crypto using pesos | BSP VASP authority |
| Custodial wallet or exchange account | BSP VASP authority |
| Crypto remittance or transfer service | BSP VASP / money service business rules |
| Token sale to the public | SEC securities or CASP rules |
| Guaranteed profit, staking return, lending pool, mining package, or referral investment | SEC investment solicitation rules |
| “Play-to-earn” or game token usable only inside a closed game | Depends on structure; not automatically BSP VASP |
| Offshore crypto platform targeting Philippine residents | Check BSP/SEC authorization and Philippine access restrictions |
BSP materials recognize that businesses involved in an issuer’s offer or sale of virtual assets fall under SEC jurisdiction rather than BSP VASP rules. This matters because a platform can be a real crypto business but still be unauthorized to sell investment products to the public.
7. Verify SEC registration separately when investment claims are involved
An SEC certificate of incorporation only proves that a corporation or partnership was registered as a legal entity. It does not automatically authorize the company to sell securities, solicit investments, operate as a broker, or offer crypto investment contracts.
If the provider promises profit, yield, passive income, staking rewards, mining income, copy-trading returns, or referral commissions, also check:
- SEC website
- SEC advisories
- SEC Express System for corporate documents
- SEC eSEARCH for filed documents, when available
Under Section 8 of the Securities Regulation Code, securities generally cannot be sold or offered for sale or distribution in the Philippines without a registration statement filed with and approved by the SEC, unless an exemption applies.
Quick Verification Checklist Before You Send Money
Use this checklist before depositing pesos, USDT, BTC, ETH, or any other crypto:
| Question | Safe answer |
|---|---|
| Do I know the exact legal entity? | Yes, not just the app name |
| Is the entity on the latest BSP VASP list? | Yes, exact match |
| Is it classified as active? | Yes |
| Does the website/app match the official provider? | Yes |
| Am I sending money to a corporate account, not a personal account? | Yes |
| Does the provider disclose fees, risks, and terms clearly? | Yes |
| Is there a real complaint channel? | Yes |
| Are profits guaranteed? | No |
| Is there pressure to deposit immediately? | No |
| Am I being asked to recruit others? | No |
| Is the product actually an investment offering? | If yes, SEC verification is also needed |
If you cannot answer these comfortably, pause the transaction.
What BSP Registration Does and Does Not Mean
BSP registration means
A BSP-registered VASP is subject to BSP requirements such as:
- Certificate of Authority to operate as a money service business, where applicable
- Anti-money laundering and counter-terrorist financing controls
- Customer due diligence or KYC procedures
- Reporting obligations
- Technology risk management
- Wallet security expectations
- Internal controls
- Consumer protection rules
- Complaint handling mechanisms
- BSP supervision and examination
BSP Circular No. 1206 expressly requires VASPs providing wallet services to maintain cybersecurity measures to protect data, fiat currency, and virtual asset wallets from malware, cyberattacks, and other technology risks.
BSP registration does not mean
BSP registration does not mean:
- The BSP guarantees your crypto balance.
- The BSP guarantees the token price.
- The BSP endorses the provider’s investment product.
- Your crypto is insured like a bank deposit.
- You cannot lose money from volatility, hacking, phishing, wrong transfers, or market collapse.
- The provider is automatically authorized to sell securities or investment contracts.
- Every affiliate, agent, influencer, or reseller using the brand is authorized.
Crypto is still risky even when the provider is registered. Registration reduces some legal and operational risks, but it does not remove market risk.
Common Red Flags of Unregistered or Fake Crypto Providers
“BSP registered” but no exact name appears on the BSP list
This is one of the most common warning signs. Ask for the exact BSP-listed entity name. Then check the BSP PDF yourself.
SEC certificate used as proof of BSP authority
A company may be SEC-registered as a corporation but still lack authority to offer VASP services or solicit investments. SEC registration is not a substitute for BSP VASP registration.
Personal accounts for deposits
Be very careful if you are asked to send money to:
- A personal GCash account
- A personal Maya account
- A personal bank account
- A crypto wallet address controlled by an “agent”
- A QR code that does not show the registered company name
Legitimate providers usually have official deposit channels. Personal-account collection is common in scams and informal money-changing operations.
“Guaranteed profit” or “daily income”
Crypto prices are volatile. A provider promising fixed daily profit, risk-free returns, or guaranteed doubling of money is likely offering an investment scheme, not a simple wallet or exchange service.
Common phrases include:
- “Guaranteed 3% daily”
- “No loss trading”
- “AI bot guaranteed profit”
- “Double your USDT”
- “Locked staking with fixed return”
- “VIP plan”
- “Recharge to withdraw”
- “Pay tax first before withdrawal”
- “Anti-money laundering clearance fee”
- “Upgrade fee to release funds”
These are serious red flags.
Fake withdrawal fees and tax demands
Many victims are allowed to see “profits” on a dashboard, but when they try to withdraw, the platform demands:
- Tax clearance fee
- AML fee
- Wallet verification fee
- Unlocking fee
- Gas fee far above normal network fees
- Security deposit
- VIP upgrade
- Court clearance
- BSP clearance
In real life, the BSP does not require ordinary users to pay a random fee to release crypto profits from a private platform. Taxes are paid to the BIR through proper tax channels, not to a stranger’s wallet address.
Offshore platform targeting Philippine residents
BSP Memorandum No. M-2026-003 reminds BSP-supervised financial institutions to deal only with duly registered or authorized VASPs, SEC-registered crypto asset service providers, or properly licensed foreign counterparties. It also states that direct access of retail customers residing in the Philippines to offshore VASPs is not allowed unless these are registered with the BSP or SEC.
For an ordinary user, the practical point is simple: if a foreign platform actively targets Philippine residents, accepts peso-related channels, uses Filipino agents, or markets in local Facebook groups, do not assume it is legal merely because it is licensed somewhere abroad.
What to Do If the Provider Is Not on the BSP List
If the provider does not appear on the BSP VASP list, take screenshots and do not send additional money.
If you have not deposited yet
Do this:
- Do not proceed with the deposit.
- Save the website, app name, screenshots, and messages.
- Search the SEC advisories for the company name.
- Search the BSP list again using different spellings.
- Ask the provider for its exact legal name and BSP authority.
- If it cannot give a clear answer, walk away.
If you already deposited money or crypto
Act quickly:
- Stop sending more money. Scammers often ask for more “fees” to release your funds.
- Preserve evidence. Save screenshots, chat logs, email headers, transaction hashes, wallet addresses, receipts, bank transfer slips, QR codes, and IDs used by the agent.
- Contact your bank or e-wallet immediately. Ask if the transaction can be frozen, reversed, disputed, or investigated.
- File a complaint with the provider first if it is a BSP-supervised institution. BSP’s process usually expects you to raise the concern with the institution’s own Financial Consumer Protection Assistance Mechanism first.
- Escalate to BSP if the provider is BSP-supervised and the issue remains unresolved. Use the BSP Online Buddy or BSP Consumer Assistance Channels.
- Report investment solicitation concerns to the SEC. This is especially important if the platform promised profits, returns, staking income, or referral commissions.
- Report cybercrime or fraud to law enforcement. Depending on the facts, possible issues may include estafa under Article 315 of the Revised Penal Code, cyber-related offenses under Republic Act No. 10175 or the Cybercrime Prevention Act, or financial account scamming under RA No. 12010.
- For large losses, prepare a sworn complaint-affidavit. You may need notarized affidavits, printed evidence, transaction records, and identification documents for the police, prosecutor’s office, or court process.
For overseas Filipinos or foreigners abroad, documents executed outside the Philippines may need notarization and, in many cases, an apostille or consular authentication before they are used in formal Philippine proceedings.
Where to File Complaints
| Concern | Office or channel | Practical notes |
|---|---|---|
| BSP-registered VASP failed to resolve your complaint | BSP Consumer Assistance Mechanism / BOB | Report first to the provider’s complaint channel, then escalate if unresolved |
| Unregistered crypto investment scheme | SEC Enforcement and Investor Protection Department | Best for profit promises, securities, token offerings, or investment solicitation |
| Bank or e-wallet transfer used in scam | Your bank/e-wallet, then BSP if unresolved | Ask immediately about freezing, dispute, account investigation, or fraud report |
| Cyber fraud, phishing, hacked account, fake website | PNP Anti-Cybercrime Group or NBI Cybercrime Division | Preserve screenshots, URLs, wallet addresses, and transaction hashes |
| Money laundering or mule account indicators | AMLC / law enforcement / bank compliance channel | Banks and covered persons have reporting duties |
| Tax questions on crypto gains | BIR | Tax treatment depends on facts, source, activity, and documentation |
For BSP-supervised institutions, the BSP Consumer Assistance Mechanism is generally a second-level recourse. This means you normally report first to the institution’s own customer service or Financial Consumer Protection Assistance Mechanism. If the institution does not resolve the issue, you may escalate to BSP through BOB or other BSP channels.
Documents and Evidence to Prepare
If you need to verify, complain, or report a provider, organize your evidence early.
| Document or evidence | Why it matters |
|---|---|
| Screenshot of the app profile or website | Shows the name, URL, claims, and branding |
| Terms and Conditions / Privacy Policy | Identifies the legal entity and governing terms |
| BSP VASP list screenshot or PDF date | Shows whether the provider appears on the official list |
| SEC search results or advisories | Helps determine if investment solicitation is involved |
| Receipts and bank/e-wallet transfer records | Proves payment and recipient account |
| Blockchain transaction hash | Allows tracing of crypto transfer on-chain |
| Wallet address used | Identifies destination address |
| Chat logs with agent or customer support | Shows representations, promises, and demands |
| IDs or profile links of the agent | Helps identify the person who solicited you |
| Emails, headers, and support tickets | Useful for tracing official or fake communications |
| Timeline of events | Helps banks, BSP, SEC, police, or prosecutors understand the case |
| Complaint reference numbers | Needed for follow-up |
Make backup copies. Do not rely only on screenshots stored in a phone that may be lost or damaged.
Practical Timeline for Verification and Complaints
| Task | Typical time |
|---|---|
| Checking the BSP VASP PDF | 5 to 15 minutes |
| Comparing legal name, trade name, and website | 15 to 30 minutes |
| Searching SEC advisories and corporate records | 15 minutes to several hours |
| Getting paid SEC documents through SEC Express | Depends on document availability, payment, and delivery |
| Provider’s internal complaint handling | Varies by institution and complexity |
| BSP-CAM escalation through BOB | You should receive a reference number once processed through the chatbot |
| Bank/e-wallet fraud review | Often time-sensitive; report immediately |
| Police/NBI/prosecutor action | Varies widely depending on evidence, location, and complexity |
The fastest and most important action after a suspected scam is to contact the bank, e-wallet, exchange, or payment channel immediately. Delay can make recovery much harder, especially when funds are moved across accounts or converted into crypto.
Special Notes for Foreigners and Overseas Filipinos
Foreigners and overseas Filipinos often face extra problems because crypto scams cross borders easily.
If you are a foreigner in the Philippines
You can still check the BSP list and use BSP complaint channels if the provider is a BSP-supervised institution. Prepare:
- Passport or ACR I-Card, if applicable
- Philippine address or contact details, if relevant
- Transaction records
- Screenshots of the Philippine-facing website or app
- Proof that the service was offered or accessed in the Philippines
If you are an OFW or Filipino abroad
You may be targeted by “Philippine crypto investment” groups using Tagalog or Filipino community pages. Check whether the entity is actually registered in the Philippines and whether the bank or e-wallet account receiving money belongs to the registered company.
If you need to sign affidavits abroad, ask whether the receiving Philippine office requires:
- Local notarization plus apostille;
- Philippine Embassy or Consulate notarization; or
- A sworn statement executed when you return to the Philippines.
If the provider is offshore
A foreign license does not automatically solve your problem. You may need to deal with:
- Foreign regulator complaint process
- Foreign terms of service
- Foreign arbitration or court clause
- Language barriers
- Cross-border evidence preservation
- Difficulty enforcing Philippine remedies abroad
This is why BSP and SEC authorization matters when the provider is targeting Philippine retail users.
Frequently Asked Questions
How do I check if a crypto wallet is BSP registered?
Get the exact legal name of the company behind the wallet, then check the official BSP List of Virtual Asset Service Providers on the BSP website. Match the legal name, trade name, status, address, and contact details. Do not rely only on the app name or a screenshot sent by an agent.
Is Coins.ph BSP registered?
The BSP VASP list dated 31 May 2026 includes Betur Inc., doing business under the name and style of Coins.ph, under active non-bank VASPs. Always verify from the latest BSP list because regulatory lists can change.
Is PDAX registered with the BSP?
The BSP VASP list dated 31 May 2026 includes Philippine Digital Asset Exchange (PDAX) under active non-bank VASPs. Check the current BSP PDF before transacting, especially if you are dealing with a third-party agent claiming to represent PDAX.
Is Maya a BSP-registered VASP?
The BSP VASP list dated 31 May 2026 includes Maya Philippines, Inc. under active non-bank VASPs. Still confirm that you are using the official Maya app or website and not a fake link, cloned app, or impersonator.
Does SEC registration mean a crypto company is legal?
Not by itself. SEC registration as a corporation only means the entity exists as a registered corporation or partnership. It does not automatically authorize VASP operations, securities offerings, investment solicitation, brokerage, or crypto asset services. For crypto exchange or custody, check BSP. For investment offerings or token sales, check SEC.
What if the provider says it is “BSP licensed through a partner”?
Ask for the exact legal name of the BSP-registered partner and written explanation of the relationship. Then verify directly against the BSP list and official contact details. A payment partnership or banking relationship does not necessarily mean the unlisted platform itself is authorized to offer VASP services.
Are foreign crypto exchanges allowed for users in the Philippines?
Be careful. A foreign exchange being licensed abroad does not automatically mean it is authorized to serve Philippine retail customers. BSP Memorandum No. M-2026-003 states that direct access of retail customers residing in the Philippines to offshore VASPs is not allowed unless registered with the BSP or SEC.
Is my crypto insured if I use a BSP-registered VASP?
No. BSP registration does not make crypto holdings deposit-insured. PDIC insurance generally applies to insured bank deposits, not crypto assets. Crypto values can fall, wallets can be compromised, and blockchain transfers may be irreversible.
Can I recover crypto sent to a scam wallet?
Sometimes, but it is difficult. Recovery depends on how quickly you report, whether the funds passed through a regulated exchange, whether the receiving account can be identified, and whether law enforcement or compliance teams can freeze assets. Preserve the transaction hash, wallet address, chat logs, and payment records immediately.
Where do I report a fake crypto investment platform in the Philippines?
If the issue involves investment solicitation, guaranteed returns, token sales, staking profits, or referral commissions, report it to the SEC. If a BSP-supervised bank, e-wallet, or VASP is involved, report first to the provider and then escalate to BSP if unresolved. If there is hacking, phishing, identity theft, or fraud, report to the PNP Anti-Cybercrime Group or NBI Cybercrime Division.
Key Takeaways
- Always verify the exact legal entity, not just the app or brand name.
- Use the official BSP website and latest BSP VASP list before sending money or crypto.
- BSP registration does not guarantee profit, token value, or recovery of losses.
- SEC incorporation is not the same as authority to operate as a VASP or solicit investments.
- Crypto offerings involving guaranteed returns, staking income, referral commissions, or token sales may require SEC scrutiny.
- Be extra careful with personal bank accounts, personal e-wallets, Telegram agents, fake withdrawal fees, and offshore platforms targeting Philippine users.
- If you already sent money, stop paying additional fees, preserve evidence, contact your bank or e-wallet immediately, and report to the proper regulator or law enforcement office.