Philippines proposes 12-month payment registration freeze

The Bangko Sentral ng Pilipinas proposed a 12-month suspension of new payment-system operator registrations while introducing tighter controls for payment arrangements involving virtual asset service providers. Summary BSP proposed pausing new payment-system operator registrations for twelve months while reviewing its licensing framework. Applications submitted before suspension could proceed through review but receive no decision meanwhile from regulators. Payment arrangements involving regulated virtual asset firms would require direct merchant relationships and enhanced monitoring. Covered institutions could impose transaction, settlement and exposure limits according to their assessed risks internally. Final rules would become effective fifteen days after publication if the proposed circular receives approval. Under its proposed circular, the BSP would temporarily stop accepting and processing applications to register as an operator of a payment system, or OPS. The central bank said the pause would support a “holistic review” of its OPS taxonomy, registration process and licensing framework. The proposal remains an exposure draft and does not impose an immediate suspension. App...