This roundup focuses on three things worth your attention right now: a regulatory story that got overstated in some reporting, a new listing-review framework that actually matters for what shows up on PH exchanges, and the current state of airdrops — including how to avoid the scams riding along with them.
Regulatory Clarification: No New 12-Month Freeze, Just a Restatement of the Existing One
In September 2026, some reports claimed the Philippines was introducing a new 12-month freeze on Virtual Asset Service Provider (VASP) licenses. That claim has since been disputed — the more accurate picture is that the BSP has simply continued the moratorium on new VASP license approvals that’s already been in place indefinitely since last year, not launched a new, separate freeze. Worth knowing if you saw the more dramatic version of this headline circulating.
New BSP Token Review Requirements
Separately, and more concretely: the BSP now requires licensed exchanges to conduct deeper reviews before listing any token or stablecoin locally, with continuous monitoring afterward and clear delisting triggers for higher-risk assets. VASPs are required to evaluate each virtual asset across six specific areas:
- Issuer background
- Market maturity
- Use cases
- Transparency and security
- Redemption and liquidity
- Legal compliance
Why this matters for you: if you’ve noticed platforms like PDAX or Coins.ph being slower or more conservative about adding new tokens than international exchanges, this is a big part of why — and it’s a deliberate trade-off, not a technical limitation. A slower listing process is also a mild safety filter working in your favor.
Regulatory Layering Reminder
Separately from BSP oversight, the SEC’s Crypto-Asset Service Provider (CASP) framework — introduced in 2025 — is not affected by the VASP moratorium above; it’s a distinct licensing track. The Philippines has also committed to the OECD’s Crypto-Asset Reporting Framework, with the first cross-border tax data exchanges due in 2028 — a multi-year heads-up that crypto holdings are moving toward the same kind of automatic reporting that already applies to traditional bank accounts internationally.
Airdrops: What’s Live and What to Watch
Airdrop tracking sites list new opportunities daily across Ethereum, Solana, and major Layer 2s, most using a points system where you earn eligibility by using a protocol, providing liquidity, or participating in testnets rather than just signing up. Among the more discussed potential (not confirmed) airdrops circulating currently are Polymarket, Backpack, and Base — all speculative, with no guarantee any of them materializes as an actual token distribution.
The Scam Side of Airdrops You Need to Know About
Airdrop hype also draws real, currently active scams. Two recent examples worth knowing about specifically: Cardano’s development team (Input Output Group) had to warn users away from an AI-manipulated livestream on its own YouTube channel promoting a fake crypto giveaway, and a separate scam account with roughly 277,000 subscribers has been impersonating Ripple CEO Brad Garlinghouse to push a fake 50-million-XRP airdrop. Both used the same underlying trick: borrowed credibility (a real project’s channel, a real executive’s likeness) to make a fake giveaway look legitimate.
The reliable checks, every time:
- A legitimate airdrop is announced on the project’s own official channels — not just a YouTube livestream or a DM.
- No real airdrop ever asks for your seed phrase or private key to “verify” your wallet.
- Any airdrop requiring you to pay a fee upfront to “unlock” tokens is a scam, full stop.
- Before connecting any wallet, check what permissions you’re granting — and use a separate wallet with minimal funds for unfamiliar airdrops specifically so a mistake stays small.
This is the same underlying caution we covered in our FOMO stories piece — fear of scams is consistently reported as Filipinos’ top barrier to entering crypto at all, and airdrops are one of the most common places that fear turns out to be justified.
Video: Spotting Airdrop Scams Before You Claim Anything
This is a third-party video, not produced by Crypto Observe.
Frequently Asked Questions
Is there really a new 12-month freeze on crypto licenses in the Philippines?
Not a new one — reports describing a fresh 12-month freeze in September 2026 have been disputed. The accurate picture is that the BSP’s existing indefinite moratorium on new VASP licenses, in place since last year, simply continues.
What are the six areas BSP requires exchanges to review before listing a token?
Issuer background, market maturity, use cases, transparency and security, redemption and liquidity, and legal compliance — all six must be evaluated before a licensed PH exchange can list a virtual asset.
Are Polymarket, Backpack, or Base airdrops confirmed?
No — as of this roundup, these are widely discussed potential airdrops based on community speculation, not confirmed token distributions. Treat any specific claims about amounts or dates for these with skepticism until announced on the project’s own official channels.
What’s the single most reliable sign an airdrop is fake?
A request for your seed phrase or private key. No legitimate airdrop needs it — wallets are verified by connecting publicly, not by handing over the keys that control your funds.