Philippines Halts New Crypto Payment Licenses for 12 Months Regulations ETHNews

The Philippines is preparing to pause new payment-operator licensing for 12 months, a move aimed at tightening how crypto-linked payments flow through the banking system. A draft circular from the Bangko Sentral ng Pilipinas (BSP), signed by Governor Eli M. Remolona Jr., would stop the central bank from accepting any new Operator of Payment Systems (OPS) registration for a year. Applications already filed would remain under technical review but would not be approved or denied until the freeze ends. The draft also requires banks onboarding Virtual Asset Service Providers to remove layered intermediaries, adding enhanced due diligence and tighter settlement monitoring. After consultation, the circular would take effect 15 days post-publication.