Philippines Proposes 12-Month Payment Registration Freeze
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.
Philippines Proposes Payment Registration Pause, VASP Curbs
The Bangko Sentral ng Pilipinas has proposed a 12-month suspension on accepting and processing applications to register as an operator of a payment system while it reviews its OPS taxonomy and licensing framework. The measure remains a draft and would not impose an immediate registration freeze until the circular takes effect. The proposal would also ...
BSP's 12-Month Payment Freeze Puts 3 VASP Licensing Paths at Risk
The Philippines is pulling the brakes on new payment operators. The Bangko Sentral ng Pilipinas — the country’s central bank,… Read the original on BSP Imposes 12-Month Freeze on New Payment Operator Applications, Risking VASP Licenses. For more crypto news and analysis, visit TheCurrencyAnalytics.com.
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