Philippines Central Bank Bans Privacy Coins, Tightens Crypto Listing Rules

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The Bangko Sentral ng Pilipinas (BSP) has issued new guidelines requiring all licensed Virtual Asset Service Providers (VASPs) to implement rigorous due diligence and accreditation processes before listing digital assets. The central bank also banned anonymity-enhancing cryptos, commonly referred to as privacy coins, removing assets like Monero and Zcash from compliant local exchanges. According to a memorandum signed by Deputy Governor Lyn Javier, VASPs must conduct ongoing monitoring of listed assets and establish delisting thresholds covering factors such as liquidity loss, issuer insolvency, security breaches, or misleading disclosures.
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