New rules for listing cryptoassets in the Philippines: focus on transparency and rejection of privacy coins
The Central Bank of the Philippines has approved updated cryptocurrency listing rules for licensed virtual asset service providers. This move tightens control over the market, with the key change being a direct ban on adding and supporting privacy-focused assets.
Why are privacy coins specifically banned?
From the regulator's perspective, crypto assets like Monero or Zcash pose high risks to the financial system due to the inability to trace transactions. The Philippine central bank has been consistently combating money laundering, and this ban is a logical continuation of its policy to enhance transparency. Providers will now have to delist all coins that do not allow for the identification of transaction participants.
Six criteria for asset verification
Before listing any token or coin, licensed platforms are required to conduct a comprehensive check across six areas:
- Data on the issuer and development team;
- Market maturity and project history;
- Use cases and real-world utility;
- Code transparency and smart contract security;
- Liquidity and issuer reserves;
- Compliance with local and international laws.
Additionally, providers must conduct ongoing monitoring of already listed assets. Conditions for suspending trading or delisting must be defined in advance, giving the regulator levers for a rapid response to potential threats.
My professional opinion
This decision is a clear signal for the entire Asian market. The Philippines is showing that it is ready to develop the crypto industry, but only within the framework of strict rules. Listing will now become more bureaucratic, which may deter small projects but will strengthen the trust of institutional investors. I expect other countries in the region to follow this example, especially regarding the ban on privacy coins.