Philippines Freezes Crypto Payment Operators for 12 Months

The Philippine government is set to introduce stricter controls on crypto payment services through proposed changes to its regulations. The Bangko Sentral ng Pilipinas (BSP), the country's central bank, has suggested a 12-month freeze on new Operator of Payment System (OPS) registrations.

This move aims to strengthen monitoring and oversight of virtual asset service providers (VASPs). Regulated institutions would be required to have direct agreements with VASPs, improve customer verification systems, and conduct regular transaction monitoring.

The proposed rules also categorize VASPs as high-risk business categories, similar to those associated with gambling and money laundering. The BSP has invited comments on the draft changes, which could increase oversight of crypto-related payment services in the Philippines.