The regulatory expectations, detailed in Memorandum No. M-2026-023, aim to promote financial stability and protect consumer welfare by ensuring virtual asset services operate in a safe and sound manner.

The central bank emphasized to regulated entities that transactions or business relationships with VASPs and other counterparties that are unregistered, unauthorized, or unlicensed—whether operating locally or offshore—are strictly prohibited.

BSP will launch a new CBDC pilot in 2026 to enable on-chain settlement of tokenized government bonds, solving a key gap in digital bond infrastructure.

BSP is set to announce the shortlist for four new digital bank licenses, spotlighting firms with bold, tech-driven models and strong foreign backing.

Citing rising financial risks, the BSP urged public caution and stressed the need for licensed platforms in digital transactions.