The Bangko Sentral ng Pilipinas (BSP) has issued a new advisory cautioning the public against engaging with unauthorized virtual asset service providers (VASPs). This warning, released on May 8, 2026, emphasizes the serious risks involved with unlicensed platforms.
VASPs are entities that facilitate various activities related to virtual assets, also known as cryptocurrencies. These services include trading, transfers, and safekeeping of digital currencies.
Risks of Using Unlicensed Platforms
The BSP identified numerous risks associated with using unauthorized platforms. Users may suffer significant losses due to fraud, operational failures, or cyberattacks.
Moreover, consumers dealing with unlicensed VASPs lack legal recourse and support, which can lead to issues such as market misconduct and poor service quality.
Government Enforcement Actions
The central bank cautioned that individuals using unauthorized platforms might face asset access restrictions due to government enforcement actions.
To combat these risks, the BSP is collaborating with the Securities and Exchange Commission (SEC) and the National Telecommunications Commission (NTC) to monitor and restrict access to unauthorized VASPs.
Consumer Protection Guidelines
The BSP urged consumers to maintain good cyber hygiene, safeguard personal information, and only transact with licensed institutions.
A list of authorized VASPs is available on the BSP website as well as on BitPinas. The public can report unauthorized operations via email.
Unauthorized platforms pose significant risks to financial consumers.
Bangko Sentral ng Pilipinas