The Bangko Sentral ng Pilipinas (BSP) is considering a temporary moratorium on new operator-of-payment-services licenses as it reviews compliance and oversight requirements for payment firms and virtual asset service providers.
The measure would affect prospective applicants rather than automatically cancelling licenses held by existing operators. It also would not amount to a blanket ban on cryptocurrency trading or ownership in the Philippines.
Compliance review at the center of proposal
The BSP’s review is expected to focus on the requirements companies must meet before entering the country’s payments and digital-asset infrastructure. Areas under consideration may include audits, cybersecurity assessments, operational controls and broader compliance obligations.
Payment operators and virtual asset service providers can handle customer onboarding, transfers, wallets, fiat-to-crypto access, trading services and, in some cases, custody. Their position between traditional financial institutions and crypto markets makes them a key focus for regulators addressing financial crime, consumer protection, cybersecurity and payment-system stability.
Existing operators would not be automatically closed
A pause on new registrations would be distinct from the revocation of existing approvals. Licensed companies could face additional reviews or updated requirements, but the proposal does not indicate that current operators would be required to stop operating immediately.
The practical impact will depend on whether the BSP turns the proposal into a formal administrative measure and how broadly it defines its scope. A confirmed moratorium could delay market entry for new firms, while existing providers may need to prepare for closer examinations and heightened compliance standards.
For now, the potential action signals a more cautious approach to expanding access to the Philippine payments system rather than an outright prohibition of the digital-asset sector.
