Bangko Sentral ng Pilipinas Warns Crypto Users Not to Transact with Unauthorized Virtual Asset Service Providers

According to BusinessMirror, the Bangko Sentral ng Pilipinas (BSP) issued a warning on May 8 urging the public—especially cryptocurrency users—not to transact with unauthorized Virtual Asset Service Providers (VASPs). The BSP noted that such activities carry operational risks including fraud, cyberattacks, and insolvency, as well as a lack of legal recourse. The BSP stated it will collaborate with regulatory bodies such as the Securities and Exchange Commission (SEC) and the National Telecommunications Commission (NTC) to strengthen market oversight, restrict Filipino access to unauthorized platforms, and call on consumers to protect their personal information, practice good cybersecurity hygiene, and transact only with licensed entities.