Philippines Eyes Payment Operator Freeze, Tighter VASP Checks
The central bank said the 12-month freeze would let it review licensing rules and add tighter monitoring and transaction limits for virtual asset firms.
- The Bangko Sentral , The Philippines' central bank, proposed a 12-month freeze on new OPS registrations to conduct a "holistic review" of its taxonomy and licensing framework for payment arrangements involving VASPs.
- Under a draft circular, the BSP aims to refine its supervisory approach to payment systems while the regulator evaluates existing oversight gaps in arrangements with virtual asset service providers.
- New requirements mandate that BSP-supervised institutions handle regulated VASPs through direct merchant arrangements, subject to enhanced due diligence, transaction limits, and risk-based controls.
- Existing applications will undergo evaluation, though the regulator will not approve or deny them until the 12-month pause ends; the BSP is currently accepting feedback on the draft circular.
- The Philippines SEC continues monitoring unauthorized crypto platforms as part of broader regulatory efforts to mitigate risks in The Philippines' evolving digital asset and payment landscape.
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Cryptocurrency News | Cryptocurrency Prices | Market CapPhilippines proposes 12-month payment registration freeze
The Philippines’ central bank proposes a 12-month payment operator registration freeze and tighter controls for arrangements involving VASPs.
BSP plans pause on new payment system operators
The Bangko Sentral ng Pilipinas (BSP) wants to suspend for a year the registration of new payment system operators as part of tighter safeguards to make merchant payments traceable and curb fraud and illicit transactions.
The Bangko Sentral ng Pilipinas proposes to stop for 12 months the acceptance and processing of new applications to operate payment systems while reviewing its licensing framework. The draft would also require direct business relationships and strengthened controls for institutions that process payments linked to regulated virtual asset service providers.
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