- The Philippines’ central bank plans a 12‑month suspension of all operator registrations, which will also affect VASP applications.
The Bangko Sentral ng Pilipinas (BSP) has drafted a circular that would temporarily halt registration of Operators of Payment Systems (OPS) and tighten oversight of virtual asset service providers (VASPs). The proposal is currently under review by the BSP’s Monetary Board.
Philippine Central Bank to Pause New Payment Operator Registrations
If approved, the circular would stop the acceptance and processing of new OPS registration applications for a year, effectively freezing the market for new entrants during the suspension period.
The BSP explained that the pause is intended to allow a “holistic review” of the OPS framework, including taxonomy, licensing procedures, risk management, and regulatory safeguards.
During the suspension, no individual or entity may conduct activities that require OPS registration, except those already authorized by the BSP under existing rules.
The central bank added that it will continue to assess applications filed before the ban takes effect, though decisions on those filings will be deferred until the suspension ends.
Implications for the Crypto Sector
The Philippines ranks ninth on Chainalysis’ 2025 Global Crypto Adoption Index Top 20, positioning it as a key hub for both retail and institutional digital‑asset activity in the Asia‑Pacific region.
Currently, nine bank‑ and non‑bank VASPs operate under BSP supervision. They include Coins.ph (registered as Betur Inc.), Maya Philippines Inc., Moneybees Forex Corp., Philippine Digital Asset Exchange (PDAX), TopJuan Technologies Corporation, WIBS PHP, Inc., Direct Agent 5 (operator of the SurgePay mobile app), GoTyme Bank Corporation, and Union Bank of the Philippines, Inc.
Coins.ph, the nation’s largest crypto exchange, reported over $95 million in spot trading volume within the past 24 hours and is led by CEO Wei Zhou, a former CFO at Binance.
Should the OPS registration freeze be implemented, the existing providers would retain their market position without new competition for a year. This could limit opportunities for fresh entrants, accelerate consolidation among the current players, and reinforce the dominance of the incumbent operators in one of the world’s most dynamic digital‑finance markets.
