Philippines Proposes 12-Month Freeze on New Payment Operators, Tightens Crypto Payment Controls The Bangko Sentral ng Pilipinas has propose…
Philippines Proposes 12-Month Freeze on New Payment Operators, Tightens Crypto Payment Controls
The Bangko Sentral ng Pilipinas has proposed a 12-month suspension on new Operator of Payment System registrations while it reviews the country’s licensing framework. The draft would also require regulated institutions serving virtual asset businesses through merchant acquiring arrangements to apply enhanced due diligence, monitoring, and transaction and settlement limits. If finalized, the rules would take effect 15 days after publication.