The Bangko Sentral ng Pilipinas (BSP) has issued new guidelines requiring all licensed Virtual Asset Service Providers (VASPs) to implement rigorous due diligence and accreditation processes before listing or trading any digital asset. The rules also explicitly prohibit anonymity-enhancing virtual assets (privacy coins) such as Monero and Zcash. According to Deputy Governor Lyn Javier, the measures aim to promote financial stability and protect consumers. VASPs must conduct ongoing monitoring of listed assets and define thresholds for potential delisting, including loss of liquidity, insolvency, scandals, or security breaches. The move follows a year of tightening crypto regulations in the Philippines, including the SEC's licensing framework requiring $1.8 million in paid-up capital and restrictions on offshore exchanges like OKX and Bybit. The Philippines ranks ninth globally in crypto adoption. The BSP emphasized that sandbox participation does not substitute for central bank licensing, as Binance seeks re-entry through a local partner, BlockShoals Technologies Inc., which must integrate with a licensed domestic VASP within 90 days.

Key facts

• BSP bans anonymity-enhancing cryptocurrencies like Monero and Zcash from VASPs.
• VASPs must implement due diligence and accreditation before listing any virtual asset.
• Ongoing monitoring required with delisting thresholds for risks like insolvency or scams.
• Philippines ranks ninth globally in crypto adoption per Chainalysis 2025 index.
• Binance's re-entry via BlockShoals requires integration with a licensed domestic VASP within 90 days.