Philippines Proposes 12-Month Pause on New Payment Operators

The Philippines is tightening its crypto rules with a proposed 12-month freeze on virtual asset service provider (VASP) license applications. However, this freeze only applies to new Operator of Payment System (OPS) registrations and not VASP licenses.

According to Michael Mislos, founder and editor-in-chief of BitPinas, the Bangko Sentral ng Pilipinas (BSP) has already paused approvals for new VASP licenses indefinitely since last year. The BSP extended its moratorium on issuing new VASP licenses in August 2025, citing consumer-protection concerns and increasing cybercrime issues.

The proposed OPS freeze would suspend the acceptance and processing of new OPS registration applications for 12 months while the central bank reviews its payment-system classification and licensing framework.