Philippines to Stop Accepting Crypto License Applications for 3 Years, Regulator Says – Bitcoin News Regulation

Philippines to Stop Accepting Crypto License Applications for 3 Years, Regulator Says – Bitcoin News Regulation

The Central Bank of the Philippines has announced that it will stop accepting applications for cryptocurrencies for three years, starting next month. The Central Bank of the Philippines is the primary regulator of the crypto sector in the Philippines.

Philippines Suspends Acceptance of Crypto License Applications

The Philippines’ central bank, the Bangko Sentral ng Pilipinas, announced on Wednesday that it will stop accepting new applications for a virtual asset service provider (VASP) license for three years.

In a memorandum dated August 10, the central bank explained that it “seeks to strike a balance between promoting innovation in the financial sector and ensuring that associated risks remain within manageable levels.”

The central bank added: “The central bank recognizes it as VA [virtual assets] offer opportunities to promote greater access to financial services at reduced costs, they also present various risks that can threaten financial stability”, elaborating:

In this regard, the regular application period for new VASP licenses will be closed for three (3) years, starting on September 1, 2022, subject to re-evaluation based on market developments.

The central bank noted that existing BSP-supervised financial institutions that wish to expand their operations by offering crypto services, including custodial services, can still apply for a VASP license provided they have a Supervisory Assessment Framework composite rating of at least “stable”.

The Central Bank of the Philippines website lists 19 approved virtual asset service providers as of June

Last month, BSP Governor Felipe Medalla he said he doesn’t want cryptocurrencies to be banned, but they should be called cryptocurrencies, not cryptocurrencies. He warned investors not to put money they can’t afford to lose into cryptocurrencies.

What do you think about the Philippines taking a three-year hiatus from accepting crypto license applications? Let us know in the comments section below.

Philippines to Stop Accepting Crypto License Applications for 3 Years, Regulator Says – Bitcoin News Regulation

Kevin Helms

An Austrian economics student, Kevin discovered Bitcoin in 2011 and has been an evangelist ever since. His interests lie in bitcoin security, open source systems, network effects, and the intersection between economics and cryptography.




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