The Bangko Sentral ng Pilipinas (BSP) has issued a draft circular that would suspend acceptance and processing of applications for new payment‑system operators (OPS) for 12 months. The pause is intended to allow a “holistic review” of the regulator’s taxonomy and licensing framework. Applications received before the suspension may continue to be examined, but no approvals or rejections will be issued until the freeze ends. Entities will be prohibited from commencing activities that require OPS registration unless the BSP grants a specific exemption.
Under the proposal, BSP‑supervised institutions that provide merchant acquisition services must handle regulated virtual‑asset service providers (VASPs) through direct merchant arrangements. These relationships would be subject to enhanced due diligence, transaction and settlement limits, and other risk‑based controls. The requirement applies to virtual‑asset firms licensed, registered or authorized by the BSP, the Philippine Securities and Exchange Commission, or another competent authority. VASPs are listed alongside gambling, gaming, adult‑oriented and money‑service businesses.
The draft circular would become effective 15 days after publication if finalized. The BSP is currently seeking public feedback on the proposal. Cointelegraph contacted the BSP for comment but had not received a response at the time of publication.
