The Central Bank of the Philippines (BSP) issued a public advisory urging consumers to exercise caution, conduct due diligence, and refrain from transacting with unlicensed or unauthorized virtual asset service providers (VASPs). The advisory describes VASPs as entities that facilitate the exchange or transfer of virtual assets (VAs), defined as any digital representation of value that can be digitally traded, transferred, or used for payment. Consumers are directed to check a provider’s registration status against the BSP’s official list of registered VASPs on its website, and to report unlawful or suspicious VA or VASP-related activity through the BSP’s designated supervision and consumer protection offices. The BSP linked the advisory to the BSP Monetary Board’s move to extend the moratorium on granting new VASP licences, citing heightened risks associated with virtual assets.
Central Bank of the Philippines 2025-08-29
Central Bank of the Philippines warns the public against unlicensed virtual asset service providers following extension of moratorium on new licences
The Central Bank of the Philippines (BSP) advised consumers to avoid unlicensed virtual asset service providers (VASPs) and verify registration on the BSP's website. The advisory highlights virtual asset risks and aligns with the BSP Monetary Board's decision to extend the moratorium on new VASP licenses. Consumers are encouraged to report suspicious activities to the BSP's supervision and consumer protection offices.