BSP Proposes Suspension of New OPS Registrations and Stricter Regulations for High-Risk Service Providers

The Bangko Sentral ng Pilipinas (BSP) has proposed a regulation that would suspend new registrations for payment system operators (OPS) for 12 months. The BSP aims to review and revise the OPS classification system and license framework during this period.

The regulation also targets high-risk service providers, including virtual asset service providers (VASPs), by imposing stricter due diligence and ongoing monitoring, as well as setting transaction and payment limits based on their business activities.

During the 12-month suspension period, new registration applications will not be accepted or approved. However, existing applicants whose applications were received before the suspension period will continue to undergo review but will not receive approval or rejection decisions until the end of the suspension period.