Philippines Bans Privacy Coins, Tightens Crypto Exchange Rules

The Bangko Sentral ng Pilipinas (BSP), the central bank of the Philippines, has introduced new rules for cryptocurrency exchanges operating in the country. The new framework prohibits the listing of privacy coins and requires exchanges to conduct ongoing monitoring, risk checks, and strict delisting triggers.

The BSP has also tightened its oversight measures on virtual asset service providers (VASPs) by expanding supervision of token approval lifecycle rules. Exchanges must now assess tokens through six compliance categories, including issuer background, market maturity, transparency, liquidity, legal compliance, and security.

In addition to these new requirements, the BSP has instructed exchanges to review blockchain analytics capabilities before approving digital assets. This is part of the regulator's focus on increasing transparency and blockchain traceability in the country's cryptocurrency market.