The Bangko Sentral ng Pilipinas has put in place specific listing and delisting standards for virtual asset service providers offering digital assets in the Philippines. The framework appears in BSP Memorandum M-2026-023, signed on June 5, 2026 by the central bank’s Financial Supervision Sector.

According to the regulatory tracker published by BitPinas, the memo applies to VASPs covered under MORNBFI Section 161-M and Section 902-N. It requires firms to conduct due diligence before supporting a token, monitor listed assets on an ongoing basis, and act quickly when defined risk events occur.

Six due diligence pillars now required

Under the memorandum, VASPs must assess digital assets using six pillars. These cover the issuer’s background; market capitalization and maturity; use cases and tokenomics; transparency, traceability and audits; redemption, liquidity and reserves; and legal and anti-money laundering compliance.

The rule turns token review into a formal supervisory expectation rather than a discretionary internal process. As described in the tracker, the memo establishes mandatory standards for evaluating whether an asset can be offered to customers and for continuing to monitor that asset after listing.

Privacy coins are explicitly barred

One of the clearest restrictions in the BSP memo is a direct prohibition on privacy-focused virtual assets. The tracker says VASPs are not allowed to list, support, or offer anonymity-enhancing virtual assets.

That provision distinguishes privacy-preserving tokens from other digital assets that may still be considered, provided they pass the required checks. The memo, as summarized by BitPinas, frames the ban as part of the BSP’s supervisory treatment of legal and AML compliance risks.

Immediate suspension or delisting can be required

The memorandum also sets out events that trigger mandatory action. VASPs must immediately suspend or delist an asset when there is a loss of liquidity support, a security breach, a stablecoin de-pegging event, misleading disclosures, or a regulatory directive requiring action.

These triggers matter because they move beyond initial listing standards and define when a platform can no longer keep an asset available to customers. In practice, the rule links market support, technical integrity, issuer disclosures and official orders to the continued availability of a token on supervised platforms.

Part of a wider Philippine crypto rulebook

The BSP memo sits within a broader set of Philippine crypto rules identified in the BitPinas tracker. For VASPs, BSP Circular No. 1108 remains a key framework, having expanded oversight from virtual currency exchanges to VASPs in 2021. That circular also set minimum paid-in capital requirements of ₱50 million for custodial VASPs and ₱10 million for non-custodial firms, required travel rule data for transfers of ₱50,000 or more, and limited single-customer payouts above ₱500,000 to checks or direct bank transfers.

Separately, the Securities and Exchange Commission issued MC No. 4 and MC No. 5 in May 2025 to regulate crypto-asset service providers, offerings, trading venues, intermediaries and promotions. Those rules include a 30-day pre-offering disclosure filing requirement, registration and disclosure obligations for compensated promoters and influencers, and administrative sanctions including disgorgement orders.

Next step is implementation by covered platforms

The memo is already signed, and the tracker presents it as part of the current rules in force. The next confirmed step is compliance by BSP-supervised VASPs that offer digital assets under the cited MORNBFI provisions.

Beyond the listing memo itself, the tracker also notes enforcement tools used by Philippine authorities against unauthorized operators, including domain and telecom access restrictions and app store removal requests. Together, those measures provide context for how listing standards may fit into the country’s broader supervisory and enforcement approach to crypto platforms.

Source: bitpinas.com