Philippines eyes payment operator registration freeze, tighter VASP checks

The Philippines central bank has proposed a 12-month freeze on new payment operator registrations to strengthen regulatory oversight. This initiative aims to ensure financial stability and consumer protection. Additionally, the proposal includes tighter checks for VASP, requiring enhanced monitoring and the implementation of transaction limits for arrangements involving virtual asset firms. While the measure is intended to improve security, some reports suggest that the temporary pause in registrations may potentially stifle innovation within the sector.