Philippines considers freeze on new payment operator registrations

The Philippines’ central bank has proposed a 12month pause on new paymentsystem operator registrations while it reviews its licensing framework and related rules. Under the draft circular from Bangko Sentral ng Pilipinas, applications filed before the suspension would still be reviewed, but no approvals or denials would be issued until the pause ends. Companies would also be restricted from beginning activities that require operator registration unless the regulator specifically allows it. The proposal also calls for stricter oversight of payment arrangements involving virtual asset service providers. Banks and other supervised institutions that offer merchant acquisition services would need to use direct merchant relationships, apply enhanced due diligence, and follow transaction, settlement, and other riskbased limits. The draft covers virtual asset firms that are licensed, registered, or otherwise authorized by Philippine regulators. The central bank is accepting feedback before any final decision, and the measures would take effect 15 days after publication if approved.