Philippines Proposes 12-Month Freeze on New Crypto Payment Services

The Philippines' central bank is proposing a 12-month freeze on new operator registrations for crypto payment services. The Bangko Sentral ng Pilipinas (BSP) wants to review its licensing regime during this period.

New Operator of Payment System (OPS) applications submitted before the suspension would still be considered, but final decisions would only be made after the 12-month freeze is over.

The proposed rules also categorize virtual asset service providers as one of the higher-risk business categories and require them to have direct agreements with these businesses for merchant acquiring services.