The Central Bank of the Philippines has proposed a 12-month suspension on the registration of new Payment System Operators (OPS), while simultaneously tightening control over payment schemes involving Virtual Asset Service Providers (VASPs).
According to a draft circular, the Bangko Sentral ng Pilipinas (BSP) stated it will suspend the acceptance and processing of applications from OPS to engage in business, in order to conduct a "comprehensive review" of its classification and licensing system.
Applications submitted before the suspension may continue to be processed; however, the BSP will neither approve nor reject them until the pause ends. Organizations will be prohibited from commencing any activity requiring OPS registration unless the regulator permits otherwise.
The proposal will obligate institutions under BSP supervision that provide merchant acquisition services to serve regulated VASPs through direct agreements with merchants. Such relationships will be subject to enhanced due diligence and monitoring procedures, transaction and settlement limits, and other risk-based control measures.
This requirement applies to virtual asset companies that must obtain a license, register with, or receive authorization from the BSP, the Philippine Securities and Exchange Commission, or another competent authority. VASPs are listed alongside gaming companies, game service providers, adult companies, and money remittance service companies.
The draft will take effect 15 days after publication if adopted in its final form; the BSP is currently accepting feedback.
Cointelegraph contacted the BSP for additional information but did not receive a response by the time of publication.
Related: Philippine SEC names dYdX and six other crypto platforms as unauthorized
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