The Philippines' central bank plans a year-long freeze on new payment operator licenses while imposing tighter compliance requirements on crypto-linked payment facilitators.
The Bangko Sentral ng Pilipinas (BSP) is proposing a 12-month moratorium on new payment system operator registrations to overhaul its regulatory framework. This move specifically targets crypto businesses by mandating enhanced due diligence and stricter transaction monitoring, effectively limiting their ability to operate through multi-layered payment aggregators.
No, existing registered operators are permitted to continue their activities, though they will be subject to new, stricter scrutiny and compliance reviews.
Applications submitted before the suspension may continue to be assessed, but the BSP will withhold final decisions until the 12-month period concludes.
The Bangko Sentral ng Pilipinas (BSP) is considering a 12-month moratorium on new payment system operator registrations to overhaul its regulatory framework. The proposal includes stricter oversight for crypto-related transactions, requiring financial institutions to conduct enhanced due diligence on virtual asset service providers.
No, existing registered operators will be allowed to continue their current activities during the proposed 12-month suspension period.
The BSP intends to require financial institutions to establish direct relationships with regulated virtual asset service providers, moving away from multi-layered payment aggregators.