Philippines Proposes 12-Month Freeze on New Payment Operators Amid Tightened Crypto Rules

The Bangko Sentral ng Pilipinas (BSP), the central bank of the Philippines, has proposed a 12-month suspension on new payment system operator registrations.

This move is accompanied by plans to enforce stricter controls on cryptocurrency payments within the country.

The proposed measures include enhanced due diligence, monitoring, transaction limits, and settlement controls for crypto-related merchant payment arrangements.

Markets are likely to interpret these developments as indicative of a more challenging landscape for crypto adoption in the country.