The country’s regulator said that engaging with unregistered firms may lead to losses.
Bangko Sentral ng Pilipinas issued strong public cautions against unregulated and offshore virtual asset service providers (VASPs), which pose high risks and could lead to huge financial losses due to volatility. The BSP even said that licensed VASPs in the Philippines do not have utmost protection since virtual assets (VA) typically pose high risk activities because of price fluctuations.
The BSP also cited rampant scams due to a large portion of VA-based crimes, thereby reminding the public to exercise utmost caution.
The BSP issue warnings to the public not to deal with unlicensed crypto dealers.