According to BusinessWorld, the Philippine Central Bank reminds the public to avoid trading with unauthorized virtual asset service providers (VASPs) due to potential risks such as fraud, security vulnerabilities, and operational failures. The central bank pointed out that such platforms lack legal recourse and consumer assistance mechanisms, and may also be involved in false advertising, improper handling of private keys, cybersecurity, and data privacy issues. In addition, illegal operating platforms may have access restricted due to law enforcement actions. The Reserve Bank of the Philippines stated that it will collaborate with the Securities and Exchange Commission, the National Telecommunications Commission, and others to restrict user access to unauthorized VASPs, and advise consumers to only trade with licensed institutions to protect personal information and network security.
