Philippines Central Bank Proposes Freeze on New Payment Operator Registrations

The Bangko Sentral ng Pilipinas has proposed pausing new registrations for payment system operators for a full year, allowing time to conduct a complete review of its licensing framework and classification system. Under the draft rule, the central bank would stop accepting and processing new applications, though those submitted before the pause would remain under evaluation without a final decision until the freeze lifts. Companies would also be barred from starting any activity requiring this type of registration unless specifically authorized during the pause.

Tighter Rules for Virtual Asset Partnerships

Alongside the freeze, the proposal introduces stricter requirements for banks and financial institutions that provide merchant acquisition services to virtual asset service providers. These arrangements would need to go through direct merchant relationships, supported by closer monitoring, transaction and settlement limits, and other risk based safeguards.

The rule applies to virtual asset businesses licensed or registered with the central bank, the country’s securities regulator, or other relevant authorities, placing them in the same oversight category as gambling operators, gaming platforms, adult content businesses, and money service providers.

If finalized, the new rules would take effect 15 days after official publication. The central bank is currently gathering public feedback before moving forward with the changes.