Philippines bank bans privacy coins, tightens crypto listing

The Bangko Sentral ng Pilipinas (BSP) has introduced a comprehensive new regulatory framework for the country's cryptocurrency industry, explicitly banning privacy-focused coins and imposing stricter vetting and monitoring requirements for all digital assets traded on licensed platforms. The central bank's memorandum, approved on June 5, 2026, mandates that all licensed Virtual Asset Service Providers (VASPs) must cease listing or supporting any anonymity-enhancing virtual assets and adopt a rigorous, six-pillar due diligence process for evaluating any token before listing.

The prohibition targets cryptocurrencies designed to obscure transaction details and user identities, which regulators say complicate anti-money laundering efforts. While the memorandum does not name specific coins, it effectively removes institutional on-ramps for privacy-focused tokens on major Philippine exchanges such as Coins.ph and PDAX. Holding such coins in personal wallets remains permissible, but trading them on regulated platforms is now forbidden.

Beyond the ban, the new rules require VASPs to establish a robust accreditation process for all virtual assets. Exchanges must evaluate tokens across...