BSP warns crypto users, public anew against unauthorized VASPs

The Bangko Sentral ng Pilipinas (BSP) warns the public not to deal with unauthorized virtual asset service providers (VASPs). VASPs facilitate virtual asset (a.k.a crypto assets/cryptocurrencies) activities such as exchange, trading, transfers, safekeeping, and payments.  

​Engaging unauthorized VASPs poses the following risks: 
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• loss of funds or assets due to fraud, scams, and operational failures (i.e., security breach, cyber attack, bankruptcy);
• lack or absence of legal recourse and consumer assistance mechanisms in case of a VASP’s market misconduct (i.e., poor service quality, misinformation, deceptive advertising, mishandling of private keys, other cyber incidents, and data privacy issues, among others); and
• restriction of access resulting from government enforcement actions against unlawful operations of unlicensed VASPs.

The BSP shall continue working with the Securities and Exchange Commission, National Telecommunications Commission, and other relevant government agencies, as well as the private sector, in conducting market surveillance to restrict access of Filipinos to unauthorized VASP platforms.  

The BSP also enjoins financial consumers to protect their personal information, practice cyber hygiene, and transact only with duly licensed institutions. 

The public may visit the following link for the list of BSP-authorized VASPs:  https://www.bsp.gov.ph/Lists/Directories/Attachments/19/VASP.pdf

For more information, please refer to the following Frequently Asked Questions (FAQs) on virtual assets (VAs) and VASPs:

https://www.bsp.gov.ph/Media_and_Research/Primers%20Faqs/VC.pdf

https://www.bsp.gov.ph/Media_and_Research/Primers%20Faqs/FAQs_VASP.pdf

For complaints about products or services of BSP-authorized VASPs, contact the BSP Online Buddy (BOB) through: 

• Webchat on the BSP’s official website at https://www.bsp.gov.ph
• Messenger on BSP’s official Facebook account at https://www.m.me/BangkoSentralngPilipinas/​ 

For reports about entities operating as VASPs without BSP authority, send an email to [email protected] copy furnished [email protected]