The Philippine regulator tightens rules for listing crypto assets: privacy coins are banned.
The Central Bank of the Philippines (Bangko Sentral ng Pilipinas) has officially approved updated cryptocurrency listing rules for all licensed virtual asset service providers. This step aims to enhance market transparency and security but simultaneously imposes significant restrictions on certain categories of digital assets.
A key innovation is the direct ban on adding and supporting privacy-oriented assets. This refers to cryptocurrencies that use advanced transaction anonymization technologies, such as ring signatures or zero-knowledge proofs. For the regulator, such tools create unacceptable risks in the fight against money laundering and terrorist financing.
Before listing any asset, providers are required to conduct comprehensive due diligence based on six strict criteria:
1. Issuer and governance data.
2. Market maturity and project history.
3. Real-world use cases and utility.
4. Code transparency, security audit, and vulnerabilities.
5. Liquidity and reserve adequacy.
6. Full compliance with local and international laws.
Additionally, platforms must continuously monitor already listed assets and develop clear procedures in advance for suspending trading or delisting in case of violations or changes in market conditions.
My analysis: This move by the Philippines is part of a global trend: regulators are increasingly separating "private" coins from mainstream crypto assets, demanding strict compliance from exchanges. For investors, this is a signal that assets like Monero or Zcash may face further restrictions in key Asian markets, reducing their liquidity and accessibility.