❄️ Philippines🇵🇭: BSP regulator pauses registration of payment operators

❄️ Philippines🇵🇭: BSP regulator pauses registration of payment operators

In addition to suspending the registration of payment operators, the regulator proposes introducing transaction limitsfor transactions involving VASPs.

🔣 The issue: the Bangko Sentral ng Pilipinas (BSP) has issued a draft circular providing for a “comprehensive review” of the taxonomy and licensing framework. If the measure is approved after revisions — the BSP is currently reviewing feedback on the draft — it will take effect 15 days after publication.

➖ The acceptance and processing of registration applications for payment operators (OPS) will be suspended for 12 months. Previously submitted applications will remain under review, but no decisions will be made on them during this period.

➖ Organizations will be prohibited from commencing activities that require OPS registration unless the regulator grants specific authorization.

➖ BSP-supervised merchant-acquiring service providers will be required to work with regulated VASPs on the basis of direct agreements with merchants. Such relationships will be subject to enhanced due diligence, monitoring, limits on transactions and settlement amounts, as well as other control measures based on risk assessment.

🔣 Payment operators must hold a license, registration or authorization from the BSP, the Philippine Securities and Exchange Commission (SEC) or another authorized authority. VASPs fall under the same category as gambling, adult services and financial service providers.

✈️ Context: in June 2026, the BSP prohibited licensed exchanges and brokers from supporting privacy cryptocurrencies, citing the need to align the market with FATF standards. Philippine authorities began targeting unlicensed crypto platforms in late 2025, requiring local internet service providers to restrict access to several overseas cryptocurrency exchanges.

#news #Asia #crypto

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