The Philippine regulator tightens control: new rules for listing crypto assets and a ban on privacy coins
The Central Bank of the Philippines (Bangko Sentral ng Pilipinas) has officially approved updated rules for the listing of digital assets for all licensed Virtual Asset Service Providers (VASPs). This move marks another phase of tightening regulation in one of Southeast Asia's most dynamic crypto markets.
The key innovation is a direct ban on adding and supporting privacy-oriented assets. This refers to coins that use advanced transaction anonymization mechanisms, such as ring signatures or zero-knowledge proofs. For the regulator, this is a matter of combating money laundering and terrorist financing — the transparency of fund flows is prioritized over technological freedom.
Six-factor filter for tokens
Before any asset can appear on an exchange, providers are required to conduct a comprehensive due diligence check across six key areas. The list includes: data on the issuer and project team, market maturity and trading history, real-world use cases, code transparency level and smart contract security, liquidity depth and reserve structure, as well as full compliance with local and international legislation.
Additionally, the regulator requires platforms to conduct continuous monitoring of already listed assets. Each exchange must predefine and document clear criteria for suspending trading or enforcing mandatory delisting. This means that any token can be unilaterally removed from listing if its risk profile changes.
Analytical commentary: The Philippines is consistently following the path laid out by regulators in Japan and Singapore, but with a stronger emphasis on combating anonymity. The ban on privacy coins is a signal to the entire market: even in the Asia-Pacific region, the era of uncontrolled privacy is coming to an end. For licensed exchanges, this means increased operational costs, but for the long-term legitimacy of the industry, it is a necessary step.