Finance News
By Steven Anderson
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Crypto-Linked Merchants in the Crosshairs. The draft doesn't just hit the pause button on new entrants.
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What Happens to Existing Operators. Existing operators keep running. The draft doesn't shut down current registrants — they continue…
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Compliance Burden Shifts to the Chain. One of the sharper edges in the draft is its emphasis on preventing diffusion of responsibility.
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The Philippines just hit pause. The Bangko Sentral ng Pilipinas is planning a 12-month freeze on new payment-system operator registrations — a hard stop that'll reshape who can…
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The BSP's draft circular frames the move as a "holistic review" of the entire regulatory environment, covering the operator services taxonomy and related licensing policies.
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As of August 28, the BSP had 314 registered payment-system operators on its books, including those cleared for merchant acquisition.
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The draft doesn't just hit the pause button on new entrants. It also takes direct aim at merchant-acquiring chains — specifically ones where BSP-supervised entities are…
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The proposal calls for enhanced due diligence, tighter monitoring, and transaction limits calibrated to risk profiles when those kinds of arrangements are in play.
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Basically, if you're a payment operator running money through intermediaries for crypto merchants, the BSP is watching more closely now.
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Read also: BSP Imposes 12-Month Freeze on New Payment Operator Applications, Risking VASP Licenses
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Existing operators keep running. The draft doesn't shut down current registrants — they continue under the existing framework while the review plays out.
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It's not entirely clear yet what the final circular will look like. The draft is still in draft form — language can change, exceptions can appear, and the scope of the measures…
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The broader context here is worth noting. Digital payment adoption across Southeast Asia has accelerated sharply, and regulators throughout the region have struggled to keep pace…
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See also: Binance Seeks Payment License from Kazakhstans National Bank to Expand Crypto Hub
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That's a harder standard than what many intermediaries are probably used to. And it's probably going to force some restructuring of how these chains are built, not just who's…
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