Bangko Sentral ng Pilipinas to freeze payment operator registrations for 12 months
The Philippines' central bank proposes suspending new virtual asset service provider registration approvals for a year while tightening due diligence rules.
The Bangko Sentral ng Pilipinas (BSP) has proposed freezing applications for new payment-system operator registrations for twelve months. Under the draft circular, the regulator will suspend acceptance and processing of these applications to conduct a holistic review of its licensing framework. While entities that submitted applications before the suspension can continue evaluation, the BSP will neither approve nor deny any requests until the pause ends. No new activity requiring registration is allowed without specific authorization. The proposal also mandates that supervised institutions offering merchant acquisition services must handle regulated virtual asset service providers through direct arrangements. These relationships require enhanced due diligence and monitoring alongside transaction and settlement limits. Virtual asset firms falling under this category must hold licenses or authorization from the BSP, the Philippine Securities and Exchange Commission, or another relevant authority.
