BSP Draft Rule Pauses New Philippine Payment Operator Licenses for One Year
Philippine central bank BSP circulated a draft to halt new payment system operator applications while it rebuilds QR and mobile licensing rules.
The Bangko Sentral ng Pilipinas circulated a draft rule halting acceptance of new payment system operator applications for one year.
The stated purpose is to give the central bank time to rebuild its licensing and supervision framework for firms that move money through QR and mobile payment systems.
Unresolved details
The exact effective date, duration beyond the announced year, and scope of covered entities remain unspecified in the circulated draft.
Whether the pause extends to crypto, stablecoin, or blockchain-linked operators is not stated.