Philippines central bank proposes 12-month freeze on new payment system operators and stricter compliance rules for crypto payment services.
Regulation & Gov ·
The Bangko Sentral ng Pilipinas is seeking to halt approvals of new payment system operators for a 12-month period while it reassesses its regulatory licensing approach. The move forms part of a broader tightening of oversight affecting institutions that facilitate virtual asset transactions through merchant acquiring channels.
Under the proposed rules, regulated entities handling crypto-related payment arrangements would face stricter obligations including heightened customer verification procedures, enhanced surveillance requirements, and caps on transaction volumes and settlement arrangements. The framework would enter force within 15 days of being formally published, if approved.
Key details remain unclear: whether the moratorium applies only to new applicants or existing licensees seeking expansion, how the 12-month term will be measured, and which institutions currently operating under existing licenses may face transition deadlines or compliance retrofitting. The scope of "virtual asset businesses" subject to these measures and the specific transaction or settlement limits have not been detailed.