Crypto Traders Welcome BSP Oversight, Warn Against Regulatory Complacency

The Philippine crypto trading community has welcomed tighter regulatory controls proposed by the Bangko Sentral ng Pilipinas (BSP), but warns that stronger oversight alone will not shield investors from losses in the digital asset market.

Arlone Abello, CEO of Global Miranda Miner Group (GMMG) and founding chairman of the Innovative Movement of the Philippine Association of Crypto Traders (IMPACT), said stricter rules covering payment operators and virtual asset service providers (VASPs) could improve accountability and traceability in the industry.

The BSP earlier released for consultation a draft circular that would suspend new registrations of Operators of Payment Systems (OPS) for 12 months while the central bank reviews its licensing framework. The proposed rules would also require payment firms to transact with regulated VASPs only through direct arrangements, alongside enhanced due diligence, monitoring, and transaction and settlement limits.

GMMG said it plans to work with industry participants and regulators on educational initiatives covering technical analysis, risk management, market behavior, and trading discipline. The group expects participation to increase further if the global crypto market continues to recover, making investor education on risk management and leveraged trading increasingly important.