Philippines Central Bank Bans Privacy Coins Under New Crypto Rules

The Bangko Sentral ng Pilipinas (BSP) has tightened oversight of licensed Virtual Asset Service Providers (VASPs) that support privacy coins, including Monero (XMR), Zcash (ZEC), and Dash, to mitigate risks of money laundering and terrorist financing. The new regulations require VASPs to perform customer due diligence for transactions of ₱5,000 or above, collect sender/recipient information for transfers of ₱50,000 or above, and enforce enhanced due diligence for payouts exceeding ₱500,000. As of May 31, 2026, the BSP lists 11 licensed VASPs, including Coins.ph/Betur, Maya Philippines, PDAX, GoTyme Bank, and UnionBank. The Philippines ranked 8th in the 2024 Global Crypto Adoption Index, with personal remittances reaching $38.34 billion (8.3% of GDP). The move aligns with broader regulatory efforts, including the SEC's request to block Binance in 2024. The impact on global prices may be limited, but domestic platforms may delist or restrict trading of privacy coins.