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Senator Maria Imelda Josefa Remedios “Imee” R. Marcos refiled a measure seeking to recognize digital assets and require the registration of enterprises and operators engaged in the industry.
Digital Assets Act Refiled
Originally filed in the 18th Congress in 2019 as Senate Bill 1041, the proposal has been reintroduced in the 20th Congress in 2025 under Senate Bill 433, or the “Digital Assets Act.”
The bill defines e-money, virtual assets as digital assets, with the Bangko Sentral ng Pilipinas (BSP) designated as the lead agency for regulating e-money issuers and the Securities and Exchange Commission (SEC) overseeing virtual asset offerings and businesses.
Technically, the measure sets licensing requirements for e-money issuers, virtual token offerings, and virtual asset businesses, while also imposing penalties for violations. It is also said to be aligned with the country’s policies with updated guidance from the Financial Action Task Force (FATF) and recent regulations of the BSP and SEC.
According to the explanatory note, Marcos stated that while the BSP currently regulates digital asset transactions through several circulars, its charter does not explicitly cover electronic or digital representations of money.
The senator also pointed out the risks posed by the lack of central authority and anonymity in virtual asset transactions, making them prone to fraud and illicit activity.
“The use of digital assets can allow Filipinos to accumulate a transaction history, which will improve the financial inclusion of the country. In addition, it also improves the geographic reach of the financial system among those living in far-flung areas.”
Maria Imelda Josefa Remedios “Imee” R. Marcos, Senator, 20th Congress
Moreover, Marcos noted that the recognition and standardization of rules on digital assets could help promote financial inclusion, lower transaction costs, and expand access to financial services, particularly for Filipinos without bank accounts.
“The use of digital assets can allow Filipinos to accumulate a transaction history, which will improve the financial inclusion of the country. In addition, it also improves the geographic reach of the financial system among those living in far-flung areas.”
Maria Imelda Josefa Remedios “Imee” R. Marcos, Senator, 20th Congress
The explanatory note further emphasized that the measure seeks to standardize licensing for e-money issuers, virtual asset exchanges, and related businesses, while ensuring consumer protection. Marcos then urged the immediate passage of the bill, saying it would promote financial inclusion and align the Philippines with global regulatory standards.
Similarities and Difference of Past and Current Digital Assets Act
The core provisions of both bills remain the same. Digital assets are defined as including e-money and virtual assets, with the BSP designated as the lead agency for e-money issuers, while the SEC oversees virtual asset offerings and businesses.
Both versions require licensing for e-money issuers, virtual token offerings, and virtual asset businesses, and include penalties for violations such as false statements or operating without a license.
The updated bill, however, reflects more recent data and regulatory developments. While the 2019 version cited the 2018 Financial Inclusion Survey showing that 78 percent of Filipinos were unbanked, the 2025 measure refers to the 2021 survey indicating that 44 percent still lack a formal account.
It also updates references to the Financial Action Task Force’s 2021 recommendations, BSP Circular 1108, and SEC Memorandum Circular No. 9 (s. 2024).
Current Regulation on Digital Assets
Currently, there are two regulations on digital assets in the country, as these are recognized for their dual role as both payment instruments and investment products.
- Virtual Asset Service Providers (VASPs), such as exchanges and wallet custodians, fall under the supervision of the BSP, which treats crypto primarily as a medium for payments and remittances.
- BSP oversight, first introduced under Circular 944 in 2017 and expanded under Circular 1108 in 2021, focuses on anti-money laundering compliance, customer due diligence, and cybersecurity.
- Crypto Asset Service Providers (CASPs), introduced in 2025, are regulated by the SEC as financial products and securities. These cover token offerings, trading platforms, brokerages, and advisory services.
- The SEC’s framework emphasizes investor protection, fair disclosures, and market integrity, with stricter capital and technology requirements.
In a recent webinar from the SEC, the Commission said it regulates CASPs offering digital assets as investments, while the central bank oversees virtual asset service providers focused on anti-money laundering, with rules aimed at protecting investors. SEC Assistant Director Paolo Ong of the PhiliFintech Innovation Office said the rules were designed to cover trading activities in crypto, noting that investor protection remains the agency’s “ultimate objective.”
Alongside Marcos’ proposal, eight other measures have been filed in both the Senate and the House of Representatives seeking to harness cryptocurrency and blockchain technology.
For a full text and executive summary of the bills, read: List of Blockchain and Bitcoin Bills Filed in the Philippines
This article is published on BitPinas: Imee Marcos Refiles Digital Assets Bill to Regulate Crypto, E-Money in PH
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