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The Bangko Sentral ng Pilipinas banned privacy coins entirely and set six evaluation pillars that all virtual asset exchanges must use before listing any crypto token for trading.
BlockShoals Technologies selected a Bangko Sentral-licensed Virtual Asset Service Provider to meet its SEC StratBox testing requirements after the BSP confirmed neither BlockShoals nor Binance holds a VASP Certificate of Authority in the Philippines.
The Bangko Sentral ng Pilipinas targets service providers that enable users to convert, transfer, hold, or exchange virtual assets for others. Once an entity facilitates conversion, custody, transfer, safekeeping, or exchange of virtual assets, it falls under BSP supervision as a Virtual Asset Service Provider.
Regional Trial Court Branch 211 in Mandaluyong City sentenced 13 individuals to 3 years imprisonment each for aiding cybercrime under the Cybercrime Prevention Act of 2012, after they pleaded guilty to lesser charges on May 26.
Coins.ph has integrated Tether payments with QRPh, the Philippines' national QR code standard overseen by Bangko Sentral ng Pilipinas. Users select Tether from their digital balance, scan merchant codes, and complete transactions without converting to pesos first.