Philippines Central Bank Considers 12-Month Freeze on New Payment Operator Licenses Amid Regulatory Review
The Bangko Sentral ng Pilipinas (BSP) is considering a temporary 12-month freeze on new applications for payment system operator licenses to allow time for regulatory review. The move aims to strengthen oversight of the country's payments infrastructure, particularly in relation to crypto-related transactions and digital services. Existing operators may continue their activities during this period, while pending applications will remain unresolved until after the freeze ends. The proposed measures include enhanced due diligence requirements for financial institutions dealing with virtual asset service providers (VASPs) and tighter controls on transaction monitoring and merchant relationships. The central bank also plans to establish a centralized database of merchants using the national QR payment system to improve transparency and oversight in digital transactions. These changes are part of broader efforts by Philippine regulators to restrict unauthorized crypto platforms from accessing local financial systems, following earlier instructions for banks to deal only with licensed virtual asset businesses.
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Topics: central_bank crypto_regulation payments_infrastructure