Bangko Sentral ng Pilipinas (BSP) has issued new regulations that compel virtual asset service providers (VASPs) to adopt more rigorous screening, monitoring, and delisting procedures for all crypto offerings.
Expanded Due Diligence Framework
The memorandum, signed by BSP Deputy Governor Lyn Javier, mandates that VASPs construct a comprehensive due‑diligence and accreditation process before adding any digital asset to their platforms. Providers must assess each token across six dimensions: issuer background, market maturity, practical use cases, transparency and security, redemption and liquidity, and legal compliance.
Compliance Obligations for Exchanges
Under the new guidance, exchanges are required to collect corporate documentation, ownership charts, audited financial statements, beneficial‑owner details, and conduct fitness checks on directors. This information enables VASPs to gauge the quality and risk profile of each crypto before presenting it to investors.
Market Impact in the Philippines
By tightening listing standards, the BSP aims to protect retail investors and reinforce confidence in the local blockchain ecosystem. Analysts anticipate that the stricter rules may reduce the number of privacy‑enhancing tokens available, while encouraging greater transparency across the crypto market.