Philippines Launches First Tokenised Treasury Bonds as SEC Rolls Out 2025 Crypto-Asset Rules

TL;DR: The Philippines issued its first tokenised treasury bonds in 2023, linking them to the existing securities registry, and in 2025 the SEC introduced rules for crypto‑asset service providers. Together, these moves signal a shift toward blockchain‑based capital‑market instruments while maintaining regulatory oversight.

Context

For over a decade, crypto activity in the Philippines has centred on remittances, digital payments and trading, driven by a large overseas workforce and growing wallet adoption. Recently, attention has turned to tokenisation, which uses distributed ledger technology to represent traditional financial instruments such as bonds or receivables. Tokenisation does not change the underlying legal rights but can streamline issuance, settlement and record‑keeping.

Key Facts

The Bureau of the Treasury launched the country’s first tokenised treasury bonds (TTBs) in 2023, integrating them with the existing securities registry. In 2025, the Philippine Securities and Exchange Commission released rules governing crypto‑asset service providers, covering trading, offering and intermediation activities. Meanwhile, the Bangko Sentral ng Pilipinas oversees virtual asset service providers under BSP Circular No. 1108.

What It Means

The tokenised bond issuance represented roughly 0.3 % of the Philippines’ $150 billion government bond market, illustrating a modest but growing use of blockchain in public finance. Bitcoin (BTC) traded near $62,000 in early 2025, up about 4 % month‑over‑month, while the global crypto‑asset market cap stood at approximately $1.2 trillion. Industry estimates place the worldwide tokenised securities market at around $12 billion, suggesting room for expansion in emerging markets like the Philippines.

What to watch next

Monitor how the SEC’s crypto‑asset rules affect secondary trading of tokenised bonds and whether additional sovereign issuances follow the 2023 TTB model.