According to BusinessWorld, the Philippine central bank warned the public on May 9 against trading with unauthorized virtual asset service providers (VASPs), citing risks of fraud, security breaches, and operational failures that could result in fund loss. The central bank identified additional risks including lack of legal recourse, absent consumer protection mechanisms, poor service quality, false advertising, improper private key handling, cybersecurity incidents, and data privacy issues. The bank pledged to continue collaborating with the Securities and Exchange Commission and National Telecommunications Commission to restrict Filipino users’ access to unauthorized VASP platforms.
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