BSP Proposes 12-Month Freeze on Payment Operator Registrations

The Philippines' central bank has proposed freezing new payment-system operator registrations for 12 months as part of a broader effort to tighten controls on virtual asset service providers (VASPs).

Under a draft circular, the Bangko Sentral ng Pilipinas (BSP) would suspend acceptance and processing of applications for operators of payment systems (OPS) while conducting a 'holistic review' of its taxonomy and licensing framework.

The freeze on new registrations would be in effect for 12 months, during which time entities would be barred from starting activities that require OPS registration unless the regulator authorizes them otherwise.