The Bangko Sentral ng Pilipinas has ordered virtual asset service providers to strengthen their screening, monitoring and delisting standards for coins and tokens offered to customers, according to a report by Philstar Biz.
Under the new directive, VASPs must implement stricter due diligence processes before listing any digital asset, including evaluating the project's whitepaper, team background, and market liquidity. They are also required to continuously monitor listed assets and establish clear criteria for delisting tokens that no longer meet regulatory or security standards.
The move comes as regulators worldwide tighten safeguards in the fast-evolving digital asset market, aiming to protect consumers from fraud and volatile investments while maintaining innovation. The BSP's enhanced oversight is expected to increase compliance costs for VASPs but could boost investor confidence in the Philippine crypto ecosystem.