The Bangko Sentral ng Pilipinas (BSP) is reminding Filipinos to transact only with BSP-licensed Virtual Asset Service Providers (VASPs) to ensure consumer protection in crypto transactions.
Why it matters: The BSP said unregulated crypto platforms pose risks such as fraud, operational failures, and lack of legal recourse for users. BSP-licensed VASPs, the regulator said, are required to follow strict policies that protect consumers. (Read more: List of Licensed Virtual Currency Exchanges in the Philippines)
What to do if you have issues with a VASP:
The BSP mentioned the following steps:
- Contact your BSP-licensed VASP first to resolve any concerns.
- If the issue remains unresolved, escalate it to BSP through these consumer assistance channels:
- BSP Online Buddy Chatbot (Webchat, Facebook Messenger)
- Hotline numbers: (02) 8708-7081, (02) 5306-2584, (02) 8708-7087, and (02) 8708-7101 local 2584
- Email: consumeraffairs@bsp.gov.ph
Zoom in: The suspension of new VASP applications will be lifted this year.
This article is published on BitPinas: Quick Take: BSP Urges Crypto Users to Engage Only with Licensed VASPs
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