BSP Proposes Payment Operator Freeze in Philippines

The Bangko Sentral ng Pilipinas (BSP) has proposed a temporary pause on new registrations for payment-system operators in the Philippines. The move aims to give the regulator time to review its licensing and taxonomy approach, which is expected to take 12 months.

During this period, applications already submitted will continue to be evaluated, but no approvals or denials will be made until the review is complete. This effectively freezes new licensing decisions for payment-system operators while the framework is revised.

The BSP also plans to tighten its controls on merchant acquisition services, which are commonly tied to how merchants onboard and enable card or payment processing. Regulated virtual asset service providers (VASPs) will need to be handled through direct merchant arrangements with enhanced due diligence and monitoring.