The Philippine Central Bank (BSP) has issued a warning to cryptocurrency users about the risks of engaging with unauthorized virtual asset service providers (VASPs). The BSP highlighted potential dangers such as fraud, security vulnerabilities, cyberattacks, bankruptcy, improper handling of private keys, and lack of legal recourse associated with these platforms. To mitigate these risks, the BSP announced its continued collaboration with the Philippine Securities and Exchange Commission (SEC) and the National Telecommunications Commission (NTC) to restrict access to unauthorized VASP platforms for Filipino users.