Philippine Central Bank Tightens Crypto Listing Rules, Bans Privacy Coins

The Bangko Sentral ng Pilipinas, the Philippines’ central bank, has tightened token-listing standards for cryptocurrency exchanges and banned the offering of privacy coins. The move broadens regulatory oversight from blocking offshore platforms and tightening licensing rules to supervising how exchanges manage listed assets.

Decrypt reported on June 15 that the Bangko Sentral ng Pilipinas, or BSP, issued new coin and token listing guidelines for virtual asset service providers, or VASPs.

Under the new rules, licensed VASPs in the Philippines must adopt strict due-diligence and approval procedures before offering crypto assets to customers. The BSP said the framework is designed to ensure virtual asset services are provided in a safe, sound and consumer-focused manner, while protecting financial stability and customers’ financial welfare.

The central bank also prohibited the listing and support of cryptocurrencies with enhanced anonymity features, known as privacy coins. Assets such as Monero (XMR) and Zcash (ZEC), which emphasize privacy features, may become harder to offer on compliant local exchanges in the Philippines.

The guidelines also impose post-listing obligations. Exchanges must continuously monitor listed assets and review whether to suspend trading or delist them if they meet certain thresholds. Those include a loss of liquidity, issuer insolvency, involvement in fraud or scandal, depegging, major security breaches and misleading disclosures.

Alden Yburan, head of GCash’s cryptocurrency unit, told Decrypt the measure was long overdue and the right call. Rather than red tape, he said, it amounts to a minimum standard that responsible platforms should already apply before listing assets for retail investors.

Opinion is more divided on the ban on privacy coins. Yburan said assets such as Monero and Zcash have legitimate reasons to exist, and that the ability to transact without surveillance is one of crypto’s core values. Still, he added that given the Philippines’ remittance-driven market, it would be difficult to build trusted financial infrastructure while also allowing the free circulation of anonymity-enhancing assets.

The move marks the latest step in the Philippines’ broader crypto regulatory tightening. In June 2025, the Securities and Exchange Commission required crypto-asset service providers, or CASPs, to register locally, maintain at least 100 million pesos in paid-in capital, store customer data domestically and report to the country’s anti-money laundering body.

The Philippine SEC then moved in August 2025 to block access to 10 overseas crypto platforms, including OKX, Bybit, Kraken and KuCoin. Under the local regulatory framework, the SEC oversees crypto services deemed securities, while the BSP handles licensing for VASPs tied to payments and trading infrastructure.

The Philippines remains one of the world’s most active crypto-adoption markets. It ranked ninth globally in Chainalysis’ 2025 Global Crypto Adoption Index. As retail crypto use expands rapidly across Asia-Pacific, authorities appear to be trying to balance market growth with investor protection.

Market participants say the latest rules could give locally licensed Philippine exchanges a competitive edge while restricting the circulation of privacy coins and some higher-risk tokens. With privacy coins such as Zcash recently posting sharp short-term gains, traders are watching how tighter Philippine rules may affect regional listing conditions for those assets.