BSP Tightens Rules on Crypto Listings in the Philippines

The Bangko Sentral ng Pilipinas (BSP) has introduced new rules for virtual asset service providers (VASPs) in the Philippines, requiring them to conduct deeper reviews and screening procedures before listing cryptocurrencies on their platforms.

According to a memorandum issued by BSP Deputy Governor Lyn Javier, VASPs must establish a 'robust due diligence and accreditation process' when evaluating virtual assets. This includes assessing factors such as issuer background, market maturity, use cases, transparency and security, redemption and liquidity, and legal compliance.

The BSP also placed additional focus on asset-backed and fiat-backed virtual assets, requiring VASPs to examine how tokens are issued, redeemed, minted, and burned, as well as the mechanisms used to maintain price stability. Exchanges must track whether assets continue to meet the standards used during the approval process.

The central bank has also reaffirmed that anonymity-enhancing cryptocurrencies remain prohibited from being listed or supported by licensed VASPs.