PANews reported on May 9th, citing BusinessWorld, that the Central Bank of the Philippines (CBNP) has warned the public and cryptocurrency users against transacting with unauthorized virtual asset service providers (VASPs), as this could lead to financial losses due to fraud, security vulnerabilities, and operational failures. The CBNP stated that unauthorized VASPs also pose risks such as lack of legal recourse, absence of consumer assistance mechanisms, poor service quality, false advertising, improper handling of private keys, cybersecurity incidents, and data privacy issues. Access may also be restricted due to government enforcement actions against illegal operations. The CBNP pledged to continue cooperating with the Securities and Exchange Commission (SEC), the National Telecommunications Commission (NTC), and other agencies to restrict Philippine users' access to unauthorized VASP platforms and urged consumers to protect their personal information, maintain online hygiene, and only transact with licensed institutions.