The Philippines central bank has floated a proposal that would require acquirers to work directly with licensed crypto companies—cutting out payment intermediaries. The draft also calls for stricter due diligence on partners, ongoing transaction monitoring, and risk-based limits on transaction size and settlements. At the same time, the regulator is looking to freeze new payment system operator registrations for 12 months to revisit the rules for market entry. The proposal hasn't been adopted yet.

Direct Acquirer-to-Crypto Company Connections

The new initiative would force acquirers to deal straight with licensed crypto companies, removing middlemen from the process. The draft outlines beefed-up KYC and partner vetting, expanded monitoring of transaction flows, and risk-driven caps on operations and settlements. The goal: put more responsibility on the players actually moving the money, and make sure acquirers are firmly in control of the flow.

12-Month Freeze on New Payment Operators

The regulator also wants to put a 12-month hold on licensing new payment system operators. The idea is to pause and overhaul the requirements for entering the market. No new applications will be accepted while the updated rules are being drafted. This move is still just a proposal and hasn't taken effect as of publication.