The Securities and Exchange Commission (SEC) of the Philippines has officially launched its Strategic Sandbox (StratBox) program for Crypto-Asset Service Providers (CASPs).
This initiative, detailed in SEC Memorandum Circular No. 09-2024, provides a controlled environment for companies to test innovative digital currency services. The goal is to inform future regulations in the crypto sector.
In a notice released on April 11, 2025, the SEC invited interested parties to participate in the StratBox program. StratBox allows participants to experiment with new services and technologies in a supervised setting. This enables the SEC to assess emerging risks and opportunities. The program aims to gather insights into the risks and opportunities associated with CASPs, which will be used to develop SEC rules and guidelines.
While encouraging innovation, the SEC emphasizes the importance of investor protection. StratBox will monitor activities to maintain market integrity and financial stability. The SEC may also grant regulatory relief to participants during the sandbox period. Interested parties can apply by completing the SEC StratBox Application Form and submitting it to the PhiliFintech Innovation Office.
StratBox is part of the SEC’s broader effort to regulate the digital currency industry. In December 2024, the SEC released a draft regulatory framework, the “SEC Rules on Crypto-Asset Service Providers (CASP Rules).” These rules require digital currency firms to register with the SEC and obtain a CASP license. Other requirements include being incorporated as a stock corporation, employing at least four resident staff, and complying with cybersecurity standards.
CASPs will also be subject to audits and must align with the National Cybersecurity Plan to manage money laundering and hacking risks. The draft also includes rules for public crypto-asset offerings, requiring firms to submit disclosure documents before any sale.
The StratBox program follows other digital currency initiatives in the Philippines. Earlier in the year, a consortium of banks launched a peso-backed stablecoin called PHPX to enhance cross-border payments. This stablecoin is backed 1:1 by the Philippine peso and is set for release between May and July 2025.
Notably, GCash, the largest digital wallet in the Philippines, has integrated Circle’s USDC stablecoin, expanding the digital assets available on its crypto platform, GCrypto. This addition provides its large user base access to another stablecoin option alongside PayPal’s PYUSD and increases Circle’s ecosystem by approximately 100 million users.
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