Philippines Central Bank Weighs Freeze On New Payment Operator Licenses
Bangko Sentral ng Pilipinas is considering a temporary moratorium on new Operator of Payment Systems licenses while it reviews compliance standards for payment operators and virtual asset service providers. The move signals tighter supervision, including possible audits, cybersecurity checks, operational reviews, and stronger compliance requirements for both new and existing firms. It is not a ban on crypto trading in the Philippines, and current licensed operators are not automatically losing approval. The likely focus is on who can enter the payments system and what safeguards they must meet, especially given risks tied to fraud, money laundering, consumer protection, and cybersecurity. A formal freeze would mainly delay new applicants while regulators update requirements.
