Philippines Freezes New Crypto Payment Operators for 12 Months
The Philippines' Bangko Sentral ng Pilipinas (BSP) has proposed a 12-month freeze on new Operator of Payment System (OPS) registrations to re-evaluate its licensing regime. This move aims to strengthen controls for crypto-related payment services and reduce risks associated with digital assets.
The draft rules, if adopted, would require regulated institutions to have direct agreements with virtual asset service providers and improve their customer verification systems before offering payment services. Institutions would also need to monitor transactions with these businesses on a regular basis and implement appropriate limits on transactions and settlements.
The proposed controls categorize VASPs as one of the higher-risk business categories, alongside gambling, gaming, adult businesses, and money service businesses. This move is in line with increasing regulatory focus on payment risks associated with digital assets.