Philippines Bans Privacy Coins, Tightens Crypto Listing Rules

The Bangko Sentral ng Pilipinas (BSP), the central bank of the Philippines, has banned virtual asset service providers from listing privacy coins in the country.

This move comes as part of a broader overhaul of listing standards, which requires providers to build a 'robust due diligence and accreditation process' before adding any coin or token to their platforms.

The BSP Deputy Governor Lyn Javier emphasized that providers must assess each asset against six pillars, including the issuer's background, market maturity, use cases, transparency and security, redemption and reserves, and legal and compliance risks.