Philippine regulator tightens rules for listing crypto assets: privacy coins banned
The Central Bank of the Philippines has officially approved a new digital asset listing regulation for all licensed Virtual Asset Service Providers (VASPs). This move aims to strengthen control over cryptocurrency circulation in the country and increase market transparency.
The key innovation is a direct ban on exchanges from adding and supporting privacy-oriented assets. This refers to coins that use technologies to conceal transaction details (e.g., sender and recipient addresses, as well as transfer amounts). This decision reflects a global regulatory trend to combat anonymous financial instruments that could be used for money laundering and financing illegal activities.
In addition to the direct ban, the regulator is introducing a multi-stage verification procedure for all other assets before their listing. Providers must now evaluate coins and tokens based on six mandatory criteria:
- Issuer and team data: transparency of the development team and its legal status.
- Market maturity: project history, market capitalization, and trading volume.
- Use cases: real-world applicability and utility of the asset.
- Transparency and security: smart contract audit, code openness, and absence of vulnerabilities.
- Liquidity and reserves: market depth and asset backing.
- Legal compliance: adherence to local and international antitrust and financial regulations.
Furthermore, platforms are required to conduct continuous monitoring of already listed assets. Internal regulations must clearly define conditions for suspending trading or forced delisting in case of violations or changes in the fundamental characteristics of the project.
Expert comment from Cryptalist: The Philippines continues its course toward building a regulated yet technologically advanced crypto market. The ban on privacy coins is an expected step, which, however, may reduce the attractiveness of local exchanges for users who value privacy. At the same time, the strict listing requirements effectively shift the due diligence function from the regulator to the platforms themselves, which will inevitably lead to market consolidation and the exclusion of small and risky projects.