12-Month Suspension of New Registrations
The Bangko Sentral ng Pilipinas (BSP) wants to pause the acceptance and processing of new applications for Payment System Operators (OPS) registration for 12 months. The idea is simple: give the regulator time to review the classification and licensing framework for OPS, top to bottom.
Applications filed before the suspension starts will still be reviewed. But they will not be approved or denied until the 12-month suspension is over. And entities cannot carry out business activities that require OPS registration unless the regulator has separately authorized them.
Stricter Oversight of Virtual Asset Service Providers
The draft circular also puts tighter rules on Virtual Asset Service Providers (VASPs). BSP-supervised Merchant Acquirers that work with regulated VASPs would have to do so through direct merchant arrangements and use risk-based controls. That includes enhanced due diligence, ongoing monitoring, and transaction and settlement limits. VASPs, for their part, must secure a license, registration, or authorization from BSP, the Philippine Securities and Exchange Commission, or other competent authorities.
Timeline and Public Consultation
If approved, the circular would take effect 15 days after publication. For now, BSP is asking for public comments on the draft before it adopts it. (Cointelegraph)