Philippines eyes payment operator registration freeze, tighter VASP checks
A central bank proposal would pause new payment operator registrations while requiring enhanced monitoring and transaction limits for arrangements involving virtual asset firms.
A central bank proposal would pause new payment operator registrations while requiring enhanced monitoring and transaction limits for arrangements involving virtual asset firms.
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.
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 diligence and monitoring, transaction and settlement limits and other risk-based controls.