Philippines’ 12-Month Payment Licensing Freeze: Risks and Benefits
- The Philippines Central Bank plans to suspend issuing new crypto licenses for one year.
- Crypto businesses in the region could suffer temporary setbacks during the suspension.
- Tightened oversight could benefit fintech in the Philippines and improve security.
The Philippines’ financial regulator is proposing a one-year pause in the licensing of payment system operators. Bangko Sentral ng Pilipinas (BSP) Governor Eli M. Remolona Jr. said in a draft rule that the freeze will give the regulatory agency enough time to conduct a comprehensive review of its payment taxonomy, risk management rules, and supervisory structure.
Remolona Jr. noted that the licensing pause will cover all new requests for OPS registration, licensing, and related authorizations. As a result, entities without prior authorization would be prohibited from operating during the suspension period, whi…
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