The Bangko Sentral ng Pilipinas tightens rules for listing crypto assets: focus on security and transparency
The Central Bank of the Philippines (BSP) has enacted updated regulations for licensed Virtual Asset Service Providers (VASPs). The new rules significantly change the approach to listing cryptocurrencies on local platforms, introducing strict due diligence requirements and a categorical ban on supporting privacy-oriented assets.
According to the approved document, all providers are required to conduct multi-factor verification of each coin or token before adding them. The process includes an assessment based on six key criteria: issuer data and reputation, asset market maturity and depth, real-world use cases, code transparency and security level, liquidity and reserve availability, and full compliance with current legislation.
Special attention is given to anonymous coins. The regulator directly prohibits VASPs from listing and supporting cryptocurrencies that, by their design, hinder transaction tracking. This is a step we have already seen in other jurisdictions seeking to restrict tools potentially used for money laundering.
In addition to pre-screening, platforms are now required to conduct ongoing monitoring of already listed assets. They must develop and approve clear mechanisms in advance for suspending trading or delisting in case of violations or changes in market conditions. This transforms listing from a one-time procedure into a continuous risk management process.
My comment: Such measures are a logical continuation of the global trend toward regulating the crypto market. The Philippines, being one of the most active markets in the Asia-Pacific region, aims to create a safe environment for investors without stifling innovation. However, the ban on private coins may push some users toward illegal P2P channels, which would reduce the effectiveness of the regulation itself.