The Philippines' central bank, Bangko Sentral ng Pilipinas (BSP), has tightened its grip on the digital asset market by barring licensed virtual asset service providers from listing privacy coins. The directive, signed on June 5, 2026, by BSP Deputy Governor Lyn Javier, mandates exchanges, brokers, and wallet providers to implement a stricter due diligence process before listing any token.
Under the new framework, providers must assess each asset across six key areas: issuer background, market maturity, use cases, transparency, liquidity, and legal compliance. For issuer reviews, the BSP suggests examining ownership structures, audited financial statements, beneficial owners, and corporate governance records. Firms must also identify potential conflicts involving issuers, regulators, government officials, and related entities.
Beyond the initial listing review, the central bank imposes a direct prohibition on anonymity-enhancing virtual assets. The memorandum states that licensed providers cannot list or support privacy-focused cryptocurrencies. This effectively rules out well-known privacy coins such as Monero, Zcash, and Dash's anonymous version from regulated trading platforms in the Philippines.
In addition to the ban, the BSP instructs providers to evaluate the traceability and security of every asset offered to customers. The review may include blockchain technology, consensus mechanisms, interoperability, independent audits, and blockchain analytics capabilities. For asset-backed and fiat-backed tokens, additional assessments covering issuance, redemption, burning mechanisms, and reserve structures are required.
The new rules also introduce a continuous monitoring process. Exchanges must establish thresholds that trigger token suspensions or delistings when requirements are no longer met. The central bank says firms should remove assets linked to legal violations, cybersecurity risks, consumer protection concerns, or adverse market developments. Misleading disclosures, market abuse, and abnormal price activity can also lead to suspension or removal.
According to The Philippine Star, the BSP emphasized that its requirements are not exhaustive. Providers may develop additional listing criteria, but these must remain aligned with the central bank’s regulatory standards. The crackdown arrives as regulators worldwide intensify scrutiny of anonymous transactions, with the Financial Action Task Force (FATF) already extending its Travel Rule to virtual assets.