The Philippines’ central bank has proposed a 12-month pause on new registrations for payment system operators.
The proposal also calls for tighter controls on payment arrangements involving virtual asset service providers (VASPs).
The Philippines’ central bank, Bangko Sentral ng Pilipinas (BSP) has proposed a 12-month suspension on new registrations for payment system operators as it reviews the country’s licensing framework and introduces tighter controls for payment arrangements involving virtual asset service providers (VASPs).
Under the draft circular, the central bank would stop accepting and processing new applications for Operator of Payment System (OPS) registration during the proposed suspension. The BSP said the move would allow it to conduct a “holistic review” of the OPS taxonomy, registration process and licensing framework, including related risk management and regulatory requirements.
(Source: BSP)
Applications submitted before the suspension
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