The Bangko Sentral ng Pilipinas (BSP) has proposed a 12-month suspension of all new registrations for Operators of Payment Systems (OPS). This measure is intended to allow regulators to overhaul the classification, licensing, and management framework for these businesses.
The proposed freeze would begin 15 days after the official publication of the circular. While the BSP will continue to evaluate existing applications in its pipeline, no approvals or denials will be issued during this period. Entities wishing to operate OPS-related activities during the suspension will require prior authorization from the central bank.
The proposal includes stricter requirements for Virtual Asset Service Providers (VASPs) involved in merchant acquisition. Merchant acquirers must establish direct arrangements with VASPs licensed by the BSP, the Philippine SEC, or other relevant authorities, eliminating the use of intermediaries. The BSP also aims to improve payment traceability through a centralized database and a ban on intermediary structures in specific transaction flows.
The BSP previously imposed a moratorium on new VASP licenses in September 2022, which has been extended to September 2025. The central bank's current initiatives are driven by a desire to improve risk management and consumer safeguards against fraud and money laundering.
