Philippines BSP Issues New Crypto Listing Rules, Bans Privacy Coins

AI Summary

The Bangko Sentral ng Pilipinas (BSP) has introduced stricter guidelines for crypto listings, requiring Virtual Asset Service Providers (VASPs) to implement due diligence processes. New regulations mandate ongoing asset monitoring and set thresholds for potential suspensions or delistings due to issues like insolvency or security breaches. Additionally, anonymity-enhancing cryptocurrencies, known as privacy coins, are now banned from listings. These changes aim to promote financial stability and protect customers in the growing cryptocurrency market.