The Philippines Central Bank Proposes a 12-Month Moratorium on New Payment System Operator Registrations

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The Philippines’ central bank, Bangko Sentral ng Pilipinas (BSP), is proposing a 12-month moratorium on new registrations for Payment System Operators (PSOs) to review the compliance framework for classifications and licensing. Applications received prior to the pause will continue to be processed, but no decisions will be issued during the suspension. Businesses must not commence PSO activities without authorization. Merchant acquirers collaborating with virtual asset service providers must use direct agreements and implement AML/CFT measures, including enhanced due diligence and transaction limits. The draft regulation will take effect 15 days after publication, following approval and public comment.

Odaily Planet Daily report: The Bangko Sentral ng Pilipinas (BSP) plans to suspend the acceptance and processing of new applications from Operator of Payment Systems (OPS) for 12 months to conduct a comprehensive review of the relevant classification and licensing framework.

Applications submitted before the suspension remain under review but will not be approved or denied until the suspension period ends. Unless otherwise authorized by the regulatory authority, the relevant entity must not engage in any business activities requiring OPS registration.

Merchants acquiring services regulated by the BSP, if serving regulated Virtual Asset Service Providers (VASPs), must collaborate through direct merchant arrangements and implement risk-based controls, including enhanced due diligence, ongoing monitoring, and transaction and settlement limits. The relevant VASPs must be licensed, registered, or authorized by the BSP, the Philippine Securities and Exchange Commission, or another regulatory body.

If approved, the draft will take effect 15 days after publication, and the BSP is currently seeking public comments. (Cointelegraph)

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