The Bangko Sentral ng Pilipinas (BSP), the central bank of the Philippines, has proposed a 12-month suspension on new payment system operator registrations. This move comes with plans to implement stricter controls on cryptocurrency payments, including enhanced due diligence, increased monitoring, and transaction limits. This cautious regulatory approach reflects the BSP’s intent to review its licensing framework for operators and virtual asset service providers (VASPs). These proposals could influence market conditions for Bitcoin and other digital assets in the country.
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