The Philippines has banned privacy coins as part of new cryptocurrency listing rules, according to a report from CoinMarketCap. The regulation targets digital assets that obscure transaction histories, such as Monero, Zcash, and Dash, effectively prohibiting exchanges from offering these tokens to local users.
The move aligns with international efforts to curb money laundering and terrorist financing through anonymous crypto transactions. Philippine regulators have updated listing requirements for virtual asset service providers, mandating that all listed cryptocurrencies must comply with anti-money laundering (AML) and counter-terrorism financing (CTF) standards.
Exchanges operating in the country must delist privacy coins within a specified transition period or face penalties. The ban is expected to impact traders who rely on these assets for enhanced transaction privacy, though regulators emphasize the need to balance innovation with financial security.