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Philippine Central Bank Warns Against Trading With Unauthorized VASPs on May 9

GateNews
Regulation & PolicySecurity Incidents
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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Disclaimer: The information on this page may come from third-party sources and is for reference only. It does not represent the views or opinions of Gate and does not constitute any financial, investment, or legal advice. Virtual asset trading involves high risk. Please do not rely solely on the information on this page when making decisions. For details, see the Disclaimer.

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