Philippines Proposes 12-Month Freeze on New Payment Operators Tightens Crypto

The Philippines is considering a 12-month suspension of new payment-system operator registrations as the central bank reviews its licensing framework, while also proposing stricter controls for regulated institutions serving cryptocurrency businesses.

According to information shared by @WuBlockchain, the Bangko Sentral ng Pilipinas has proposed suspending new Operator of Payment System registrations during the review. The draft measures would also impose additional requirements on regulated institutions involved in merchant acquiring arrangements for virtual asset businesses.

The proposal reflects a more cautious approach to payment infrastructure as financial authorities assess how existing licensing and risk controls apply to rapidly developing digital-asset services.

Bangko Sentral ng Pilipinas Targets Payment-System Licensing

Under the proposed framework, the 12-month suspension would apply to new Operator of Payment System registrations while the central bank conducts its review of the country's licensing structure.

The measure would not simply affect traditional payment operators. Regulated institutions providing merchant acquiring services to virtual asset businesses would also face enhanced due diligence and monitoring requirements.

Those institutions would be required to apply additional controls over transactions and settlements involving virtual asset-related payment activity. The proposed framework would include transaction and settlement limits, adding another layer of risk management to services connected with the cryptocurrency sector.

The approach places greater responsibility on regulated financial institutions that facilitate payment activity involving virtual asset businesses, particularly where those relationships could introduce additional compliance and transaction-monitoring risks.

Crypto Payment Businesses Face Tighter Oversight

For the Philippines' digital-asset industry, the proposed rules could raise the compliance requirements associated with accessing regulated payment infrastructure. Merchant acquiring services are an important connection between businesses and the broader financial system, making oversight of those arrangements particularly significant for virtual asset companies.

At the same time, the proposed 12-month registration freeze could give regulators additional time to reassess licensing standards before allowing new payment operators into the market.

If finalized, the rules would take effect 15 days after publication. The next key development will therefore be the outcome of the central bank's review and whether the proposed restrictions are adopted in their current form.

Writer: Victoria Hale
Technology & Blockchain Writer

Victoria Hale writes about blockchain technology, digital infrastructure, and the intersection of emerging technologies with finance. Her articles explore how new protocols and systems are shaping the evolving digital economy.

She prioritises clarity and accuracy when explaining technical developments to a general audience.