Bangko Sentral ng Pilipinas mandates stricter due diligence for digital asset listings and prohibits privacy coins to enhance consumer protection.
The Bangko Sentral ng Pilipinas (BSP) has introduced stricter guidelines for cryptocurrency listings by licensed Virtual Asset Service Providers (VASPs). The new rules require rigorous due diligence and accreditation processes before digital assets can be offered to customers, aiming to bolster financial stability and consumer protection.
The memorandum, signed by Deputy Governor Lyn Javier, also bans privacy coins like Monero and Zcash, citing risks in a remittance-heavy market. VASPs must now implement ongoing monitoring of listed assets and set thresholds for potential suspensions or delistings.
Industry reactions are mixed, with some praising the move as a necessary minimum standard, while others express concerns over the privacy coin ban, arguing it undermines foundational crypto values.