Philippine central bank tightens cryptocurrency regulation: comprehensive ban on privacy coins According to BlockBeats, on June 15th, the Central Bank of the Philippines (Bangko Sentral ng Pilipinas, BSP) released new guidelines for regulating virtual assets, requiring all licensed virtual asset service providers (VASPs) to establish strict due diligence and asset review mechanisms before listing or trading any cryptocurrency to enhance financial stability and consumer protection. The new regulations also explicitly prohibit "virtual assets that enhance anonymity," which refers to privacy coins being launched or traded on compliant trading platforms. This means that privacy related encrypted assets, including Monero and Zcash, will be removed or disabled by local compliance platforms. Regulatory documents require trading platforms to continuously monitor assets that have been launched and set standards for triggering delisting mechanisms, such as deteriorating liquidity, project risk events, technical security vulnerabilities, insufficient information disclosure, or suspected fraud. This policy continues the tightening trend of cryptocurrency regulation in the Philippines over the past year. Previously, the Securities and Exchange Commission (SEC) of the Philippines had established a licensing framework for cryptocurrency service providers, requiring local registration, raising capital thresholds, and local data storage, while imposing access restrictions on multiple overseas trading platforms. At present, the Philippines has formed a "dual regulatory system": the central bank is responsible for payment and trading channels (VASPs), and the securities regulatory agency is responsible for encrypted assets involving securities attributes. The two compliance frameworks need to be met separately. Analysis suggests that this move will further promote the centralization of local compliant exchanges and accelerate the market's migration to regulated platforms. [Original link]