Philippines Introduces New Crypto Regulations with Anonymity-Enhancing Asset Ban

The Philippines has introduced new regulations for the cryptocurrency and blockchain sector. The Bangko Sentral ng Pilipinas (BSP) issued Memorandum M-2026-023, which sets out guidelines for virtual asset service providers (VASPs) listing digital assets to customers under the Monetary Board's Regulation of Non-Bank Financial Institutions (MORNBFI) Section 161-M / Section 902-N.

The BSP Coin/Token Listing Guidelines require VASPs to undergo mandatory due diligence and ongoing monitoring. They must also meet six assessment pillars, including issuer background, market capitalization, use cases, transparency, traceability, and smart contract audits.

Anonymity-enhancing assets are explicitly prohibited from being listed or supported by VASPs. The guidelines also mandate immediate suspension or delisting upon loss of liquidity support, security breaches, stablecoin de-pegging, misleading disclosures, or regulatory directives.