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The Bangko Sentral ng Pilipinas (BSP) has issued new listing guidelines that require every licensed Virtual Asset Service Provider (VASP) to vet digital assets before offering them. The central bank framed the #crypto rules as a measure to protect customers and support financial stability.
The guidelines ban anonymity-enhancing cryptocurrencies, known as #PrivacyCoins, from being listed or supported by local platforms. The decision removes assets such as Monero and Zcash from compliant exchanges in the country. Deputy Governor Lyn Javier signed the memorandum setting out the requirements.
Javier said the rules aim to ensure virtual asset services are delivered in a "safe, sound, and consumer-centric manner." Operators must now build due diligence and accreditation processes before any token reaches retail users.
The standards also require ongoing monitoring of every listed asset. Platforms must set thresholds that trigger a suspension or delisting, covering events such as lost liquidity, issuer insolvency, de-pegging, security breaches, or misleading disclosures. A token tied to a scam or scandal can also be removed.
Alden Yburan, head of crypto at GCash, said the listing standards were overdue and represented the minimum any responsible platform should apply. He said stronger requirements would produce better products for users.
Yburan was more divided on the privacy ban. He said assets like #Monero and Zcash serve legitimate purposes because the ability to transact without surveillance is a foundational value in crypto. He added that the Philippines is remittance-heavy and cannot present itself as a trusted financial infrastructure while letting anonymity-enhancing assets move freely.
Two Regulators, Two Frameworks
Crypto firms in the country answer to two separate regulators. The SEC oversees crypto-asset service providers on the securities side, while the #BSP licenses VASPs for payment and transaction rails, and companies must satisfy both.
A Year of Tightening Oversight
The new guidelines extend earlier action. In June 2025, the SEC enacted Memorandum Circular No. 5, which forced crypto-asset service providers to register locally, hold $1.8 million in paid-up capital, store customer data inside the country, and report to both the SEC and the Anti-Money Laundering Council. By August 2025, the commission had cut access to 10 offshore platforms, including OKX, Bybit, Kraken, and KuCoin.
The Philippines ranks ninth on Chainalysis's 2025 Global Crypto Adoption Index, within an APAC region that grew 69% year-over-year. Lawmakers are separately weighing Senate Bill 1330, which would place the national budget on-chain after protests occurred over the roughly $9.2 billion in flagged public works spending.
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