The Philippines central bank has proposed a freeze on new payment operator registrations and stricter checks on virtual asset service providers, including enhanced monitoring and transaction limits. The proposal, if adopted, would tighten the regulatory environment for digital payments and crypto-related services in the country.
What the proposal includes
The central bank's plan would pause the registration of new payment operators. That means companies looking to offer payment services in the Philippines would have to wait until the freeze is lifted. The proposal also calls for enhanced monitoring of virtual asset service providers, along with transaction limits. These measures are designed to give regulators more visibility into how money moves through these channels.
The freeze would apply to new registrations only. Existing payment operators would continue to operate under their current licenses. The central bank hasn't said how long the freeze would last or what criteria would be used to lift it.
Stricter rules for virtual asset providers
Virtual asset service providers, which handle cryptocurrencies and other digital tokens, would face additional scrutiny. The central bank wants to impose transaction limits and require more detailed monitoring. This could affect exchanges, wallet providers, and other businesses that deal in virtual assets. The exact limits haven't been specified, but the proposal signals a tougher stance on the sector.
The enhanced monitoring would likely involve more frequent reporting and closer oversight of customer transactions. The central bank hasn't detailed the specific requirements, but the direction is clear: virtual asset providers will have to operate under tighter rules.
What happens next
The proposal is still in its early stages. The central bank hasn't announced a timeline for implementation or a public comment period. Payment operators and virtual asset firms will be watching closely to see how the rules take shape. For now, the freeze and the stricter checks remain a proposal, not a done deal.
The central bank's next steps will determine how quickly these changes take effect. Until then, new payment operators and virtual asset providers will have to wait.
