Philippines SEC/BSP License Inquiry Process | Dual Regulatory Compliance Guide

I. Overview of the Philippine Regulatory System

1.1 Division of roles between the SEC and the BSP

The Philippines' financial regulatory system is relatively unique, adopting a dual regulatory model :

• SEC (Securities and Exchange Commission, Philippines)

• Responsible for the supervision of securities, investment companies, fund management and fundraising activities .

• Licensing and supervising institutions involved in company registration, shareholder structure, public offerings, and investment advisors .

• BSP (Bangko Sentral ng Pilipinas, Central Bank of the Philippines)

• It mainly regulates banks, payment institutions, e-wallets, and virtual currency exchangers (VCEs) .

• Registration and licensing of businesses involved in cryptocurrency exchanges, money transfers, and payment systems .

This "one-stop investment and one-stop payment" regulatory framework has made the Philippines one of the first countries in Southeast Asia to institutionalize regulation of crypto assets and e-wallets .

1.2 Why double query?

• If the company claims to be an investment company, forex trading platform, or securities issuer → check the SEC first.

• If the company claims to be a virtual currency exchange, e-wallet, or payment institution → check BSP .

• Many black platforms will forge "double licenses", so it is necessary to cross-verify the lists of the two major regulatory agencies.

2. Philippine SEC License Categories

2.1 Main license types

• Broker-Dealer of Securities : Securities brokerage/proprietary trading/underwriting company

• Investment Company Adviser

• Mutual Fund / Investment Company : Investment Fund

• Crowdfunding / Financing Companies

• Lending Companies

2.2 SEC’s Regulatory Characteristics

• Any business engaging in securities or investment activities must obtain approval from the SEC.

• Investment schemes without SEC approval are considered illegal fund-raising .

• The SEC regularly publishes an Advisory List , which lists unlicensed companies.

3. Philippine BSP license categories

3.1 Main Business Licenses

• Banking Licenses : Commercial Bank, Rural Bank, Islamic Bank.

• Electronic Money Issuer (EMI) : Electronic wallet issuer (such as GCash, PayMaya).

• Remittance and Transfer Companies (RTC) : Funds transfer institutions.

• Virtual Currency Exchange (VCE) : A virtual currency exchange (including a cryptocurrency trading platform).

3.2 Regulatory characteristics of BSP

• The BSP began regulating virtual currency exchangers in 2017 , making it one of the first countries in Asia to introduce relevant regulations.

• Approved companies must be included in the BSP official registration list .

• Operating cryptocurrency businesses without a license is illegal and is often jointly warned by the BSP and the SEC.

4. How to check the Philippine SEC license

4.1 Official Website

• SEC official website : https://www.sec.gov.ph

• Provide company registration, licensed institution directory, and warning list.

4.2 Query steps

1. Open the SEC official website → “Check Company Registration”.

2. Enter the full company name (e.g., XYZ Securities Inc. ).

3. Check whether there is a registration record:

• Registered with SEC

• Not Found (no record, high risk)

4. Further verify whether there is a corresponding license category (Broker-Dealer, Investment Adviser).

5. Also check the SEC Advisories (warning list) to confirm whether there are any illegal announcements.

5. How to check the Philippines BSP license

5.1 Official Website

• BSP official website : https://www.bsp.gov.ph

• Provide a list of approved EMI, RTC, and VCE .

5.2 Query steps

1. Open the BSP official website → “Regulated Entities”.

2. Select Category:

• Electronic Money Issuers

• Remittance Companies

• Virtual Currency Exchanges

3. Enter your company name (e.g., Coins.ph ).

4. The system returns the following result:

• Full name of the company

• License Number

• Status (Active / Revoked)

6. Query Examples

Example 1: Legitimate Securities Company (SEC Inquiry)

• Input: COL Financial Group, Inc.

• Result: SEC registered company, licensed securities broker, legal.

Example 2: Legitimate Cryptocurrency Exchange (BSP Query)

• Type: Coins.ph

• Result: Appeared on the list of VCEs registered with BSP, legal.

Example 3: Illegal Forex Platform

• Input: ABC Forex, an overseas foreign exchange website

• Result: There is no record in the SEC system, and it appears on the SEC Advisory List and is determined to be illegal.

VII. Warning List and Risk Warnings

7.1 SEC Advisory List

• Updated monthly, it lists companies that raised capital without SEC approval .

• A large number of forex/crypto scam platforms often appear here.

7.2 BSP Warning Notice

• BSP occasionally issues warnings on illegal VCE and EMI .

• Investors should cross-check to avoid falling into scams.

8. Supervision Advantages and Disadvantages

8.1 Advantages

• The Philippines is one of the most transparent countries in Southeast Asia .

• Both the SEC and the BSP provide online databases for investors to easily query.

• We have been regulating cryptocurrencies and e-wallets for a long time and have mature experience.

8.2 Limitations

• Foreign exchange margin business : The SEC has not issued retail foreign exchange licenses, and most foreign exchange brokers operate under the name of overseas companies.

• High number of scams : Despite the warning list, the Philippines is still a hotbed for scam platforms.

• Language barriers : Some materials are only available in English and lack multilingual versions.

IX. Investor Compliance Guidelines

1. Double check : If it involves investment → check SEC; if it involves payment/encryption → check BSP.

2. Be wary of counterfeit licenses : Many platforms will forge "SEC + BSP" dual license certificates.

3. Cross-verification of warning lists : SEC Advisory and BSP announcements must be checked simultaneously.

4. Reject high-yield promises : The Philippine SEC has clearly stated that fixed-income foreign exchange investments are illegal.

5. Note the office address : Legitimate companies generally have offices in Manila’s business district.

10. Conclusion

The Philippines adopts a dual regulatory system of SEC + BSP , which is unique globally.

• SEC → Responsible for the supervision of securities, investment companies, funds and fundraising.

• BSP → Responsible for banks, payment institutions, e-wallets and cryptocurrency exchange operators.

To verify whether a company is legitimate, investors must:

1. Log in to the SEC official website to check company registration and licenses;

2. Log in to the BSP official website to verify the payment/virtual currency license;

3. Also refer to the warning list and announcement .

At a time when forex and cryptocurrency scams are rampant, only by mastering the SEC + BSP query methods can you effectively identify risks and ensure the safety of your funds .