Philippines eyes payment operator registration freeze, tighter VASP checks
60-second summary
The Philippine central bank proposes freezing all new payment‑operator registrations and imposing stricter monitoring, lower transaction caps and tighter due‑diligence on existing arrangements that involve virtual‑asset service providers (VASPs). By tightening oversight and limiting exposure, regulators aim to curb illicit activity, which could slow fintech onboarding but bolster investor confidence and stabilize the local crypto market.
A central bank proposal would pause new payment operator registrations while requiring enhanced monitoring and transaction limits for arrangements involving virtual asset firms.