Bangko Sentral ng Pilipinas (BSP) issued a new directive on June 14, 2026 prohibiting virtual asset service providers (VASPs) from listing or supporting privacy‑enhancing cryptocurrencies, tightening oversight of the nation’s crypto market.
Regulatory Measures
The memorandum, signed by BSP Deputy Governor Lyn Javier, mandates that every regulated platform implement a comprehensive due‑diligence framework before adding any digital asset to its catalogue. VASPs must evaluate each token against six defined pillars, ranging from issuer background to legal compliance, to ensure alignment with the central bank’s standards.
Compliance Requirements
Under the issuer‑background pillar, VASPs are required to scrutinize incorporation documents, financial statements, and ownership structures of token issuers. They must also conduct fitness checks on directors, officers, and key operators to verify the credibility of the issuing entity.
Implications for the Crypto Market
By barring privacy coins, the BSP aims to curb anonymous transactions that could obscure illicit activity, a move that investors view as a step toward greater market transparency. The restriction may pressure the price of privacy‑focused tokens, as reduced accessibility could dampen demand among traders seeking anonymity on blockchain networks.