Bangko Sentral ng Pilipinas is weighing a temporary moratorium on new Operator of Payment Systems licenses as part of a wider push to strengthen compliance standards around payment operators and virtual asset service providers.
The policy update targets licensing and oversight. It should not be treated as a ban on crypto trading in the Philippines, and it does not mean existing licensed operators have automatically lost approval.
That distinction matters.
Regulators often tighten the entry gate before they move to broader enforcement. In this case, the central bank appears to be looking at new registrations, audit standards, cybersecurity reviews, and compliance checks for existing players.
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The Operator of Payment Systems framework covers firms involved in payment processing and related financial infrastructure.
In crypto, that can overlap with virtual asset service providers, payment gateways, exchange-linked services, and businesses moving customer funds. As digital payments grow, central banks have more reason to review who is allowed into the system and what standards they must meet.
The BSP’s update points toward tighter supervision.
That may include operational reviews, cybersecurity checks, and higher compliance expectations for licensed entities. For new applicants, a moratorium would mean waiting until the regulator completes its review or updates its requirements.
The scope is important.
A pause on new registrations is not the same as cancelling existing licenses. It also does not mean all crypto users in the Philippines are suddenly banned from trading or holding digital assets.
The central bank is looking at payment operator licensing.
Existing firms may face more reviews, but that is different from being forced to stop operations immediately. Any stronger action would need to be stated directly by the regulator.
Virtual asset service providers sit close to financial crime, consumer protection, cybersecurity, and payment-system stability concerns.
They handle customer onboarding, transfers, wallets, fiat ramps, trading access, and in some cases custody. If controls are weak, problems can spread quickly.
That is why regulators often look at VASPs before targeting users.
They are the gateways between ordinary consumers, banking systems, crypto markets, and payment networks.
The Philippines is part of a wider regional pattern.
Some Asian jurisdictions are encouraging licensed crypto activity while tightening standards. Others are moving more cautiously. Regulators want innovation, but they also want stronger controls around money laundering, fraud, cybersecurity, and customer protection.
A temporary licensing freeze can be part of that balancing act.
It gives a regulator time to reassess the market without banning the whole sector.
The key question is whether the BSP turns the proposal into an active administrative order.
If the freeze becomes formal, new entrants may face delays, while existing operators may need to prepare for reviews. If the central bank limits the measure or narrows its scope, the impact may be smaller.
Crypto firms operating in the Philippines will need to watch the exact language closely.
For now, the signal is regulatory caution rather than outright prohibition. The BSP is looking at who gets access to the payments system, how VASPs are supervised, and what standards should apply before the next wave of operators enters the market.
This article draws on Bangko Sentral ng Pilipinas materials relating to payment operator licensing and VASP compliance reviews.
This article was written by the News Desk and edited by Samuel Rae.
This report is based on information released by Bsp. at Bsp
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