👀 Philippines🇵🇭: Central Bank Bans Licensed Exchanges and Brokers from Supporting Privacy Coins

👀 Philippines🇵🇭: Central Bank Bans Licensed Exchanges and Brokers from Supporting Privacy Coins

The regulator explained the decision as necessary to align the market with the standards of the Financial Action Task Force (FATF).

🔣 The document prohibits the listing, trading, deposits and withdrawals of cryptocurrencies that conceal information about senders, recipients or transaction parameters.

🔣 Nevertheless, users are still allowed to hold such assets through personal non-custodial wallets.

🔣 Overall, the new rules tighten requirements for the listing of digital assets:

➖ before adding a token, crypto platforms must evaluate it according to several criteria, including issuer reputation, transparency of use, security level, liquidity and compliance with applicable legislation.

➖ regarding stablecoins, the entire operational model must be analyzed, including issuance mechanisms, reserve backing and token redemption procedures.

➖ crypto exchanges are required to monitor risks related to digital assets already available for trading. In the event of a significant liquidity decline, substantial changes in issuer activity or signs of high risk, platforms should promptly review the token’s status and restrict it if necessary.

🔣 Context: at the end of last year, Philippine authorities launched a large-scale crackdown on unlicensed crypto platforms. Following an order from the National Telecommunications Commission (NTC), local internet providers restricted access to several foreign exchanges, including Coinbase and Gemini.

#news #Asia #crypto

🌎 payplanet.com verified partner for LatAm, India🇮🇳 Turkey🇹🇷 @pay_planet