The Bangko Sentral ng Pilipinas, the central bank of the Philippines, has proposed freezing new payment system operator registrations for 12 months to conduct a comprehensive review of its regulatory framework. The draft requires BSP-supervised institutions handling virtual asset service providers to establish direct merchant arrangements, with enhanced due diligence, transaction and settlement limits. VASPs must be licensed, registered or authorized by the BSP, the Philippine SEC or another competent authority. The proposal would take effect 15 days after publication, with the central bank currently seeking industry feedback.
Source: Read the original article
