Bangko Sentral ng Pilipinas Proposes 12-Month Freeze on Payment Operator Registrations

The Bangko Sentral ng Pilipinas (BSP) has proposed a 12-month suspension on new Operator of Payment System (OPS) registrations to conduct a comprehensive review of its licensing framework. During this period, the BSP will stop accepting new applications, though pending ones will remain under evaluation. The proposal also introduces stricter controls for payment arrangements involving Virtual Asset Service Providers (VASPs), requiring enhanced due diligence and risk management for merchant acquiring services. VASPs will be categorized alongside high-risk sec