Philippine regulator tightens oversight of digital assets
The latest measures form part of broader efforts to strengthen oversight and consumer protection across the Philippines’ digital asset sector.
The Bangko Sentral ng Pilipinas has issued new coin and token listing guidelines for virtual asset service providers, setting clearer expectations for due diligence, monitoring and delisting.
The memorandum applies to all VASPs and clarifies how providers should review virtual assets before listing or offering them to customers. The central bank said the guidelines are intended to support financial stability and protect customers by ensuring virtual asset services are provided in a safe, sound and consumer-focused way.
VASPs are expected to assess coins and tokens across six areas: issuer background, market maturity, use cases, transparency, traceability and security, redemption, liquidity and reserves, and legal and compliance considerations.
For asset-backed or fiat-backed tokens, the guidelines call for information on lifecycle processes, reserve composition, reserve verifiability and stabilisation mechanisms. Providers should also assess cybersecurity risks, blockchain traceability, independent audits, legal status in other jurisdictions and potential anti-money laundering risks.
The BSP also requires VASPs to conduct ongoing monitoring of listed assets and define thresholds that would trigger suspension or delisting. Privacy-enhancing virtual assets, also known as privacy coins, remain prohibited from being listed or supported by licensed providers.
Why does it matter?
The guidelines show how crypto oversight is moving from licensing exchanges towards detailed supervision of which tokens can be offered to consumers. By requiring structured due diligence, reserve checks, legal review, cybersecurity assessment and delisting triggers, the Philippines is aligning digital asset oversight more closely with risk management and consumer protection. The stablecoin-related checks are especially relevant as regulators globally focus on reserve quality, redemption rights and market stability.
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