Bangko Sentral ng Pilipinas (BSP) has issued a new memorandum that tightens crypto listing rules for licensed Virtual Asset Service Providers (VASPs), demanding stricter due‑diligence before any digital asset can be offered to customers.
Regulatory Changes
The memo, released by Deputy Governor Lyn Javier, obliges VASPs to evaluate each coin or token individually, establishing clear accreditation procedures that address legal, technical, and market risks. Platforms must also conduct continuous post‑listing reviews covering liquidity, issuer solvency, security vulnerabilities, and any misleading disclosures.
In addition to the heightened scrutiny, the BSP has prohibited privacy‑enhancing coins from being listed or supported on licensed exchanges. The ban explicitly covers anonymity coins such as Monero and Zcash, which conceal transaction details from public view.
VASPs are required to set specific thresholds that could trigger suspension or delisting of a token, including events like de‑pegging, scams, scandals, or significant security breaches. These safeguards aim to keep virtual‑asset services safe, sound, and consumer‑focused while preserving financial stability.
Market Impact
Investors are likely to monitor how the new rules affect crypto prices, as reduced access to privacy coins may shift demand toward more transparent assets. The stricter compliance framework could increase operating costs for VASPs, potentially leading to higher fees for retail participants.
By enforcing rigorous blockchain compliance, the BSP hopes to bolster confidence among market participants and attract institutional investors who prioritize regulatory certainty. The overall effect should promote a more stable crypto market in the Philippines while limiting exposure to high‑risk tokens.