The Bangko Sentral ng Pilipinas (BSP) issued a public advisory on May 8, 2026, warning the public against transacting with unauthorized virtual asset service providers (VASPs). The central bank noted that engaging with unlicensed platforms poses significant risks to financial consumers.
According to the advisory sent to media publications including BitPinas, VASPs are entities that facilitate activities involving virtual assets, also known as crypto assets or cryptocurrencies, including exchange, trading, transfers, safekeeping, and payments.
Risks of Using Unlicensed Platforms
The BSP identified several specific dangers associated with unauthorized platforms, including the potential loss of funds due to fraud, scams, or operational failures such as cyberattacks and bankruptcy.
The regulator further noted that consumers using unlicensed VASPs face a lack of legal recourse and official assistance mechanisms. This includes cases of market misconduct, poor service quality, deceptive advertising, or the mishandling of private keys and personal data.
Government Enforcement Actions
The central bank warned that users may face restricted access to their assets as a result of government enforcement actions against unlawful operations.
The BSP stated it is coordinating with the Securities and Exchange Commission (SEC), the National Telecommunications Commission (NTC), and other government agencies to conduct market surveillance. These efforts aim to restrict the access of Filipino users to unauthorized VASP platforms.
Consumer Protection Guidelines
The BSP urged financial consumers to practice cyber hygiene, protect personal information, and transact only with institutions duly licensed by the central bank.
A current list of authorized VASPs is maintained on the official BSP website as well as on BitPinas. The regulator also provided channels for reporting entities operating without authority via email at [email protected].
This article is published on BitPinas: BSP Issues Warning Anew Against Unauthorized Crypto Service Providers
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