Philippines Central Bank Proposes 12-Month Freeze on Crypto Payment Operators

The Bangko Sentral ng Pilipinas (BSP) has proposed a 12-month freeze on new payment operator registrations in the Philippines. This move aims to review and tighten up existing regulations regarding virtual asset service providers.

Under the proposed circular, no new applications will be accepted during this period, but those already submitted will still be assessed. However, these applicants will not be allowed to start any activities requiring payment system registration until the end of the freeze.

The BSP also plans to introduce stricter controls for crypto payments, including enhanced due diligence and transaction monitoring measures. This includes implementing transaction value limits for regulated businesses such as casinos, gaming operators, adult-oriented businesses, and money-service businesses.