The Philippines’ central bank has proposed freezing new payment-system operator registrations for 12 months while imposing tighter controls on payment arrangements involving virtual asset service providers (VASPs).
Under a draft circular, the Bangko Sentral ng Pilipinas (BSP) said it would suspend acceptance and processing of applications for operators of payment systems (OPS) to conduct a “holistic review” of its taxonomy and licensing framework.
Applications submitted before the suspension could continue to be evaluated, but the BSP would not approve or deny any until the pause ends. Entities would be barred from starting activities that require OPS registration unless the regulator authorizes them otherwise.
The proposal would require BSP-supervised institutions offering merchant acquisition services to handle regulated VASPs through direct merchant arrangements. Those relationships would be subject to enhanced due…
