The Bangko Sentral ng Pilipinas (BSP) has renewed its warning to the public against using unauthorized virtual asset service providers (VASPs), which handle cryptocurrency activities such as trading, transfers, exchanges, safekeeping, and payments.
The BSP said dealing with unlicensed VASPs may expose users to risks including loss of funds due to fraud, scams, cyberattacks, or bankruptcy. Consumers may also face limited legal protection and difficulty seeking assistance in cases involving poor service, misleading advertisements, mishandling of private keys, or data privacy issues.
Authorities also warned that access to unauthorized platforms may be restricted as the government strengthens enforcement actions against illegal VASP operations.
The BSP said it will continue coordinating with the Securities and Exchange Commission, National Telecommunications Commission, and other agencies and private sector partners to monitor and limit access to unlicensed crypto platforms.
Financial consumers are advised to protect their personal information, observe proper cyber hygiene, and transact only with BSP-authorized institutions.
The list of BSP-authorized VASPs is available at BSP Authorized VASP List.
More information on virtual assets and VASPs can be found through the BSP’s FAQs:
Consumers may file complaints involving BSP-authorized VASPs through BSP Online Buddy (BOB) or the BSP’s official Messenger account at BSP Facebook Messenger. Reports on unauthorized VASP operations may be sent to BSPMail@bsp.gov.ph, with a copy furnished to TRISD@bsp.gov.ph.
