Philippines Proposes 12-Month Freeze on New Payment Operators

The Bangko Sentral ng Pilipinas (BSP) has proposed a draft circular that would suspend new registrations for Operators of Payment Systems (OPS) in the Philippines for 12 months. This move aims to give regulators time to re-evaluate how these businesses are classified, licensed, and managed.

During this period, entities wanting to engage in OPS-related activities will need prior authorization from the BSP. Currently, the central bank is soliciting public feedback on the draft proposal.

The freeze is not happening in isolation; it comes alongside tighter requirements for Virtual Asset Service Providers (VASPs) involved in merchant acquisition. The BSP wants enhanced due diligence baked into these relationships and has proposed a centralized database to improve payment traceability.