Philippines Central Bank Weighs Freeze On New Payment Operator Licenses
The Bangko Sentral ng Pilipinas (BSP), the central bank of the Philippines, is considering imposing a temporary freeze on new payment operator licenses as part of its efforts to strengthen compliance standards in the sector.
This move targets licensing and oversight, and it's essential to note that it's not a blanket ban on crypto trading in the country. The BSP wants to ensure that virtual asset service providers (VASPs) adhere to stricter audit standards, cybersecurity reviews, and compliance checks.
The Operator of Payment Systems framework covers firms involved in payment processing and related financial infrastructure. In the context of cryptocurrencies, this includes virtual asset service providers, payment gateways, exchange-linked services, and businesses moving customer funds.