Philippines Tightens Crypto Regulations with New Listing Rules
The Philippines is reinforcing its oversight of cryptocurrency markets with new guidelines for digital asset listings. The Bangko Sentral ng Pilipinas (BSP), the nation’s central bank, has mandated that all licensed Virtual Asset Service Providers (VASPs) must implement stringent due diligence and accreditation procedures before making digital assets available to consumers.
Promoting Financial Stability and Consumer Protection
According to a memorandum signed by Deputy Governor Lyn Javier, these new rules are designed to “promote financial stability and protect the financial welfare of customers by ensuring that VA services are provided in a safe, sound, and consumer-centric manner.”
Ban on Privacy Coins
In a significant move, the central bank has also prohibited the listing or support of anonymity-enhancing cryptocurrencies, commonly known as privacy coins, by VASPs.
Enhanced Monitoring and Delisting Thresholds
The latest directive requires exchanges to continuously monitor their listed assets and establish specific thresholds that would trigger suspensions or delistings. These triggers include the loss of liquidity, issuer insolvency, involvement in scandals or scams, de-pegging from a stable value, material security breaches, or misleading disclosures.
Alden Yburan, head of crypto at GCash, described the new listing standards as “long overdue” and a “minimum bar any responsible platform should already be applying.” He believes that stronger listing requirements will ultimately lead to “better products.”
However, Yburan expressed mixed feelings about the ban on privacy coins. He acknowledged that assets like Monero and Zcash “exist for legitimate reasons,” as privacy is a “foundational value in crypto, the ability to transact without surveillance.” Yet, he also noted the Philippines’ significant remittance market, stating, “PH is remittance-heavy, we can’t be positioning the ecosystem as a trusted financial infra while simultaneously allowing anonymity-enhancing assets to flow freely.”
Compliance with Securities Regulations
The memorandum also highlights that platforms may need to comply with securities regulators. If a token is offered as a security, VASPs will be required to adhere to “the SEC’s CASP Rules and Guidance.”
A Dual Regulatory Landscape
The Philippines ranks ninth globally on Chainalysis’s 2025 Global Crypto Adoption Index, reflecting strong grassroots adoption in the Asia-Pacific region. The new listing rules fit into a regulatory framework where crypto firms are accountable to two distinct authorities: the Securities and Exchange Commission (SEC) for crypto-asset service providers on the securities side, and the BSP for licensing VASPs involved in payment and transaction services. Firms must meet the requirements of both bodies independently.
Last June, the SEC introduced Memorandum Circular No. 5, which mandated crypto-asset service providers (CASPs) to register locally, maintain $1.8 million (₱100 million) in paid-up capital, store customer data within the Philippines, and report to both the SEC and the Anti-Money Laundering Council. By August, the SEC had blocked access to 10 offshore platforms, including OKX, Bybit, Kraken, and KuCoin.
Luis Buenaventura, President at the Blockchain Council of the Philippines, previously commented that the SEC’s rules created “a competitive advantage for licensed players” and that the broader crackdown would steer users toward compliant services.
Legislative Efforts and Binance’s Return Bid
Lawmakers are also exploring separate initiatives, including Senate Bill 1330, which proposes to place the national budget on-chain, following public outcry over approximately $9.2 billion in flagged public works spending.
Meanwhile, global crypto exchange Binance is seeking to re-enter the Philippine market through a local partner, BlockShoals Technologies Inc. BlockShoals received initial clearance from the SEC in November under the StratBox regulatory sandbox, according to local media reports. However, the BSP has clarified that neither Binance nor BlockShoals currently holds a VASP license, and participation in the sandbox “doesn’t substitute for central bank licensing.”
The SEC has since refined its stance, reclassifying Binance as a “global crypto-asset service provider” rather than a global VASP. The commission now requires BlockShoals to integrate with a licensed domestic VASP within 90 days before it can onboard any users through Binance’s infrastructure.
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