DATA & FIGURES
The new guidelines require VASPs to hold $1.8 million (₱100 million) in paid-up capital and store customer data within the country. The SEC governs crypto-asset service providers on the securities side, while the BSP licenses VASPs for payment and transaction rails. The Philippines has seen significant growth in crypto adoption, with a 69% year-over-year increase in grassroots adoption.
THE SCENARIO
The Philippines is tightening its grip on crypto markets as part of a broader effort to promote financial stability and protect the financial welfare of customers. The country's regulators are working to create a more robust and compliant crypto ecosystem, with the BSP and SEC playing key roles in overseeing the industry.
DIRECT QUOTE
"This is long overdue, and I think this is the right call. I don't think this is bureaucratic red tape; this is the minimum bar any responsible platform should already be applying before listing an asset to retail users." — Alden Yburan, Head of Crypto, GCash
BBN INSIGHT
The new guidelines are a significant step forward for the Philippines' crypto market, as they provide clarity and certainty for investors and operators. The ban on privacy coins is also a notable development, as it reflects the country's commitment to promoting transparency and accountability in the crypto space.