Philippines Proposes 12-Month Freeze on OPS Registrations Amid Crypto Regulation Review
The Philippines is tightening its crypto rules with a proposed 12-month freeze on Operator of Payment System (OPS) registrations.
The Bangko Sentral ng Pilipinas (BSP), the country's central bank, has been reviewing its payment-system framework and considering tighter controls for payment arrangements involving virtual asset service providers (VASPs).
According to Michael Mislos, founder and editor-in-chief of BitPinas, the BSP has already paused approvals for new VASP licenses indefinitely since 2025.
The proposed OPS freeze is separate from the existing VASP moratorium, which was extended by the BSP in August 2025. The moratorium affects new VASP license applications and does not mean that existing licensed VASPs were automatically shut down.