Philippines considers suspension of payment system operator registrations and tightening of VASP checks

cryptonews.ruОпубліковано о 2026-09-07Востаннє оновлено о 2026-09-07

Анотація

The Philippines' central bank, Bangko Sentral ng Pilipinas (BSP), has proposed a 12-month moratorium on new payment system operator (OPS) registrations. This pause aims to allow for a comprehensive review of its classification and licensing framework. Applications submitted before the suspension will still be processed but will not receive final approval or rejection until the moratorium ends. Simultaneously, the BSP plans to tighten controls on payment schemes involving virtual asset service providers (VASPs). Regulated financial institutions that acquire merchants will be required to establish direct agreements with VASP clients. These relationships will be subject to enhanced due diligence, transaction and settlement limits, and other risk-based controls. The requirement applies to VASPs licensed or authorized by the BSP, the Securities and Exchange Commission, or other relevant bodies. VASPs are now categorized alongside gambling firms, gaming service providers, adult-content companies, and money transfer services for these heightened scrutiny measures. The draft circular is open for public comment. If finalized, the rules would take effect 15 days after publication.

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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Пов'язані питання

QWhat is the central bank of the Philippines proposing regarding the registration of new payment system operators?

AThe Bangko Sentral ng Pilipinas (BSP) is proposing a 12-month suspension on the registration of new payment system operators.

QWhy is BSP proposing this suspension on new OPS registrations?

AThe BSP is proposing the suspension to conduct a comprehensive review of its classification and licensing system for payment system operators.

QHow will the BSP's new proposal affect supervised institutions that onboard merchant businesses, specifically regarding VASPs?

AThe proposal will require these institutions to service regulated Virtual Asset Service Providers (VASPs) through direct agreements with the merchants, subjecting these relationships to enhanced due diligence, transaction limits, and risk-based controls.

QAccording to the proposal, what categories are VASPs grouped with for the purpose of this new rule?

AVASPs are grouped with gaming companies, gaming service providers, adult content companies, and money transfer service companies for the purposes of the new enhanced control measures.

QWhen will the proposed circular potentially take effect?

AThe draft circular will take effect 15 days after publication if finalized in its current form. The BSP is currently soliciting feedback on the proposal.

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