Bangko Sentral proposes 12-month pause on new payment operator registrations and tighter crypto checks

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 ^{[1] [2] [3] [4]}.

The draft also would require regulated institutions serving virtual asset businesses through merchant acquiring arrangements to apply enhanced due diligence and monitoring, and to follow transaction and settlement limits ^{[1] [4]}.

If finalized, the proposed rules would take effect 15 days after publication ^[1].

Crypto media outlets said the proposal could slow crypto adoption in the Philippines and affect market conditions and Bitcoin’s integration into payment systems, though this assessment is attributed to those reports ^[2].

Another report similarly characterized the proposal as potentially stifling innovation while aiming to enhance regulatory oversight for consumer protection and financial stability ^[5].