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Homepage > News > Business > BSP extends ban on new ‘crypto’ licenses in Philippines The Bangko Sentral ng Pilipinas (BSP), the Philippine central bank, has extended its moratorium on granting new licenses for virtual asset service providers (VASPs), maintaining a freeze that was first introduced in 2022. The regulator said the decision reflects on concerns about consumer protection, financial integrity, and cybercrime risks. In a memorandum dated August 20, the BSP confirmed that the moratorium will be in effect on September 1, subject to reassessment based on both local and global developments. Earlier, the BSP had acknowledged the growing role of blockchain and digital platforms in finance but concluded that the risks continue to outweigh the benefits of opening licensing further. The moratorium does not completely close the door to regulated financial institutions. The BSP previously clarified that banks and institutions with “stable” ratings under its Supervisory Assessment Framework may still apply for VASP licenses, provided they meet stringent requirements. Public advisory against unlicensed operators Alongside the moratorium, the BSP issued a public advisory on August 29, reminding Filipinos to remain cautious in dealing with digital assets and service providers. “The Bangko Sentral ng Pilipinas (BSP) reminds the public to exercise caution, conduct due diligence, and refrain from transacting with unlicensed/unauthorized virtual asset service providers (VASPs),” the advisory stated. The BSP defined VASPs as entities that facilitate the exchange or transfer of virtual assets. It also clarified that “[virtual assets] refer to any digital representation of value that can be digitally traded, transferred, or used for payment.” To avoid scams and unlawful dealings, the BSP advised the public to verify whether a company is officially registered. “To verify the registration status of a VASP, refer to the official list of BSP-registered VASPs on the BSP website,” it said. Reporting…

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Filed under: News - @ September 2, 2025 9:28 am