Philippines bans listing and trading of privacy coins

The Philippine central bank has completely banned the listing and trading of privacy coins such as Monero (XMR) and Zcash (ZEC), citing high money laundering risks, Decrypt reported. The central bank has issued and immediately implemented new guidelines on virtual asset listing and monitoring for local virtual asset service providers (VASPs). Under the new rules, all licensed crypto exchanges in the Philippines must establish a robust due diligence and certification process before listing new tokens. This process must assess potential threats to financial stability and verify consumer protection frameworks. The guidelines also mandate that exchanges set specific thresholds for immediate delisting in cases of liquidity depletion, issuer bankruptcy, scam involvement, stablecoin depegging, significant security breaches, or false disclosures.