Philippines Central Bank Considers Freeze on New Payment Operator Licenses
- The Bangko Sentral ng Pilipinas is contemplating a temporary halt on new Operator of Payment Systems licenses.
- This move aims to enhance compliance standards for virtual asset service providers (VASPs).
- The proposed freeze does not equate to a ban on crypto trading in the Philippines.
- Existing licensed operators are not automatically losing their approval but may face more reviews.
- The central bank’s focus includes new registrations, audit standards, and cybersecurity checks for current operators.
The potential moratorium by the Philippines’ central bank is part of a broader effort to tighten oversight and ensure higher compliance among payment operators and VASPs. This regulatory caution reflects a regional trend where jurisdictions balance innovation with stricter controls against financial crimes and cybersecurity threats.
If the proposal turns into an active administrative order, new entrants may experience delays while existing operators might undergo more rigorous reviews, highlighting the BSP’s focus on maintaining system integrity without halting crypto activities entirely. (Source)
