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

The Bangko Sentral ng Pilipinas (BSP), the central bank of the Philippines, has proposed a 12-month freeze on new payment system operators. This move aims to tighten controls around digital payments and crypto businesses in the country.

The draft circular released by the BSP would also put stricter checks on payment arrangements involving regulated virtual asset firms. These checks would include stronger monitoring and transaction limits.

The primary driver behind this regulatory step is a push to reduce risks at the points where Virtual Asset Service Providers (VASPs) interact with traditional fiat banking rails.