The Philippines' central bank is looking to hit pause on new payment operator registrations and ramp up oversight on companies dealing with virtual assets (VASPs). The proposal calls for stricter monitoring and sets transaction limits on schemes where payment services are connected to these firms.

What the Regulator Is Proposing

The plan has two main parts: a temporary freeze on onboarding new payment operators, and tighter checks on VASPs. Any partnerships between payment companies and the virtual asset market will face tougher monitoring requirements and hard transaction caps.

Who’s Impacted

The pause on new payment operators will block fresh players from entering the market for now. Existing operators working with VASPs will need to step up their compliance game with more detailed oversight procedures. The new transaction limits in these setups could put a cap on volume and force companies to tweak their internal policies.

What This Means for the Market

These proposed rules would put a tighter leash on the virtual asset segment within the payments ecosystem. For businesses, it means doubling down on compliance and risk management for joint products and payment rails involving VASPs. Users could see more conservative transaction limits in services that tap into virtual asset providers.