Cyberspace reported that crypto asset service providers in the Philippines must now obtain licenses and comply with strict information disclosure requirements, the country's most comprehensive digital asset regulatory framework to date. Crypto asset service providers (CASPs) operating in the Philippines must register as local companies and meet a minimum paid-in capital requirement of 1 million (approximately US$1.8 million). The new rules were issued on May 30 in accordance with the Philippine Securities and Exchange Commission (SEC) Memorandum No. 5 circular and officially came into effect on Thursday. Companies also need to set up physical office space, isolate customer assets from company assets, and submit regular operating reports.