Philippines Cracks Down on Cryptocurrency Regulations Amid Growing Adoption

The Philippines is proposing to pause payment registration and impose stricter regulations on Virtual Asset Service Providers (VASPs) in an effort to curb illicit activities.

This move comes after a series of partnerships between crypto exchanges and local companies aimed at promoting the adoption of digital assets. Binance, for instance, has partnered with BlockShoals Technologies to enter the Philippine market.

Cash 3.0, an initiative by Paytaca, is another example of innovation in the space. The project introduced a self-custodial NFC payment card powered by smart contracts using zk-SNARK-based privacy solutions. However, this technology is currently operational only for specific use cases.