Philippine Central Bank Tightens Cryptocurrency Regulation: Bans Privacy Coins Altogether

June 15 – The Central Bank of the Philippines (Bangko Sentral ng Pilipinas, BSP) has unveiled a new Virtual Asset Regulatory Guide, mandating strict due diligence and asset reviews for all licensed Virtual Asset Service Providers (VASPs) before they list or trade any cryptocurrency, aimed at boosting financial stability and consumer protection. The rule explicitly bans "enhanced anonymity virtual assets" — namely privacy coins like Monero and Zcash — from being listed or traded on compliant platforms, meaning privacy-focused cryptos will be removed or disabled from local regulated exchanges. The guidelines also require exchanges to continuously monitor listed assets and set delisting triggers, including declining liquidity, project team risk events, technical security flaws, insufficient transparency, or suspected fraud. This policy is the latest step in the Philippines’ ongoing crypto regulatory crackdown over the past year. Earlier, the Philippine Securities and Exchange Commission (SEC) rolled out a framework for licensing crypto asset service providers, mandating local registration, higher capital requirements, and local data storage. Several overseas exchanges have also faced access restrictions in the country. The Philippines operates under a "dual regulatory system": the BSP oversees payment and transaction channels (VASPs), while the SEC supervises crypto assets deemed securities. Compliance with both frameworks is mandatory. Analysts say the move will push further centralization of local regulated exchanges and speed up the market’s shift to compliant platforms. BlockBeats previously reported that on May 26, Binance re-entered the Philippine market via a partnership with local firm BlockShoals in a regulatory-compliant deal. The collaboration runs under the SEC’s regulatory sandbox, lifting Binance’s prior regulatory restrictions to place it in an officially authorized testing phase.