Philippines Crypto Payment Rules Face Major Changes With 12-Month Operator Freeze

The Philippines’ crypto payment rules may pause new operator registrations for 12 months. Meanwhile, regulators plan stronger controls for crypto-related payment services.

The Bangko Sentral ng Pilipinas (BSP) has proposed a 12-month suspension. The pause will apply to new Operator of Payment System (OPS) registrations. The central bank is also considering revising its licensing regime and classification system.

Philippines Plans Stricter Controls for Crypto Payment Services

The draft rules impose new requirements on regulated institutions. These rules would apply when institutions serve virtual asset businesses through merchant acquiring services.

For instance, covered institutions would be required to have direct agreements with virtual asset service providers. They would also have to improve their customer verification systems before offering payment services.

On the other hand, institutions would have to do more due diligence. They would also have to monitor transactions with these businesses on a regular basis.

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