The Philippine regulator tightens the listing of crypto assets: privacy coins are banned.
The Central Bank of the Philippines has officially approved updated cryptocurrency listing requirements for all licensed Virtual Asset Service Providers (VASPs). The new regulation introduces a clear ban on the addition and support of assets focused on enhanced privacy.
According to the adopted document, before listing any coin or token, providers are required to conduct a comprehensive review across six key areas. These include: analysis of issuer data, assessment of market maturity, examination of practical use case scenarios, audit of transparency and security, evaluation of liquidity and reserves, and verification of compliance with current legislation.
Special attention is given to continuous monitoring. Platforms are now required to track the status of already listed assets on an ongoing basis. Moreover, the regulator demands that clear criteria for suspending trading or fully delisting a particular asset be defined and documented in advance.
This step by the Philippine central bank is a logical continuation of the global trend toward tightening control over the crypto market. The ban on privacy coins, such as Monero or Zcash, indicates a priority on combating money laundering and the financing of illegal activities. However, from my perspective, this approach could stifle innovation in data protection. The market needs a balance between privacy and compliance with KYC/AML norms, but for now, regulators are choosing the path of a complete ban rather than developing flexible control mechanisms.