Bangko Sentral ng Pilipinas mandates strict due diligence for virtual asset listings and prohibits anonymity-enhancing cryptocurrencies.
The Bangko Sentral ng Pilipinas (BSP) has introduced stricter guidelines for cryptocurrency listings, requiring Virtual Asset Service Providers (VASPs) to implement rigorous due diligence and accreditation processes. The rules aim to enhance financial stability and protect consumers by ensuring safe and sound virtual asset services.
The new regulations ban privacy coins, such as Monero and Zcash, from being listed or traded on compliant local exchanges. VASPs must also conduct ongoing monitoring of listed assets and set thresholds for potential suspensions or delistings. These measures follow a year of tightening crypto regulations in the Philippines.
The BSP stated the guidelines are designed to promote a consumer-centric approach, reducing risks associated with virtual asset transactions. The move aligns with broader efforts to regulate the crypto market amid growing adoption.