The Bangko Sentral ng Pilipinas (BSP) has released a draft circular proposing a 12-month suspension on all new registrations for Operators of Payment Systems (OPS). This measure would take effect 15 days after official publication, with pending applications left in regulatory limbo, neither approved nor denied. The BSP also seeks to tighten requirements for Virtual Asset Service Providers (VASPs) involved in merchant acquisition, mandating direct arrangements instead of routing through intermediaries. The central bank, which already imposed a moratorium on new VASP licenses in September 2022, has extended that freeze until September 2025, citing concerns about risk management and consumer protection.
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