Overview
- The Bangko Sentral ng Pilipinas issued Memorandum No. M-2026-023, reported June 14, that forbids licensed virtual asset service providers from listing or supporting anonymity‑enhancing cryptocurrencies on their platforms.
- The memo orders VASPs to run a six‑area due diligence review before listing tokens covering issuer background, market maturity, use cases, transparency and security, redemption and liquidity, and legal compliance.
- Asset‑backed and fiat‑backed tokens must undergo a lifecycle assessment that examines issuance, redemption, reserve quality, and issuer credibility to verify that backing can support redemptions.
- Exchanges must implement continuous monitoring and set clear thresholds that trigger immediate suspension or delisting for assets that show cybersecurity issues, misleading disclosures, sudden liquidity drops, or legal breaches.
- Practically, holders will lose easy on‑ and off‑ramps for privacy coins on Philippine exchanges but private wallet ownership is not criminalized, and the measures increase compliance costs while the BSP moratorium on new VASP licenses remains in effect.