Philippines Central Bank Proposes Freeze on Payment Operator Registrations
- The Bangko Sentral ng Pilipinas (BSP) plans to freeze new payment-system operator registrations for a period of 12 months.
- A draft circular indicates that the BSP will conduct a “holistic review” of its taxonomy and licensing framework during this period.
- Entities seeking to start activities requiring OPS registration will need prior authorization from the BSP.
- Merchant acquisition services must handle regulated VASPs through direct arrangements, subject to enhanced due diligence and monitoring.
- The proposal also includes transaction and settlement limits for these relationships, which cover licensed virtual asset firms.
This regulatory move aims to strengthen controls over payment arrangements involving virtual asset service providers in the Philippines, reflecting a growing focus on compliance in the financial sector.
If finalized, the draft regulations could take effect within two weeks of publication, impacting all new applications during the freeze period.(Source)
