The Central Bank of the Philippines has warned the public not to transact with unauthorized virtual asset service providers, saying unlicensed crypto asset platforms expose users to fraud, operational failures, weak consumer protection and possible service disruption from enforcement action. The warning covers providers involved in virtual asset exchange, trading, transfers, safekeeping and payments. The central bank said key risks include loss of funds or assets from scams, security breaches, cyber attacks and bankruptcy, as well as limited or no legal recourse and consumer assistance in cases such as poor service, misinformation, deceptive advertising, mishandling of private keys, cyber incidents and data privacy issues. It also said government action against unlawful operators may restrict user access to those platforms. The bank will continue market surveillance with the Securities and Exchange Commission, National Telecommunications Commission and other agencies, alongside the private sector, to restrict access of Filipinos to unauthorized VASP platforms, and directed consumers to use only duly licensed institutions and consult its published list of authorized VASPs and related FAQs.
Central Bank of the Philippines 2026-05-08
Central Bank of the Philippines warns against dealing with unauthorized virtual asset service providers
The Central Bank of the Philippines warned the public against using unauthorized virtual asset service providers, citing heightened risks of fraud, operational failures, weak consumer protection and potential service disruption from enforcement action. It highlighted risks including loss of funds from scams, security breaches, cyber attacks and bankruptcy, limited legal recourse and data privacy issues, and said it is working with the Securities and Exchange Commission and other agencies to restrict access to unlicensed platforms while directing consumers to use only licensed institutions.