Philippines Will Stop Accepting Crypto License Applications for 3 Years, Regulator Says

Bitcoin News

The central bank of the Philippines, Bangko Sentral ng Pilipinas, has announced that it will stop accepting crypto license applications for three years, starting next month. The central bank is the primary regulator of the crypto sector in the Philippines.

Philippines Halts Accepting Crypto License Applications

The Philippine central bank, Bangko Sentral ng Pilipinas, announced Wednesday that it will stop accepting new Virtual Asset Service Provider (VASP) license applications for three years.

In a memorandum dated Aug. 10, the central bank explained that it “aims 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 Bangko Sentral recognizes that as VAs [virtual assets] offer opportunities to promote greater access to financial services at reduced costs, they also pose varied risks that may undermine financial stability,” elaborating:

In this regard, the regular application window for new VASP licenses shall be closed for three (3) years, starting 01 September 2022, subject to re-assessment based on market developments.

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

The Bangko Sentral ng Pilipinas’ website shows 19 approved virtual asset service providers as of June 30.

Last month, BSP Governor Felipe Medalla said he does not want cryptocurrencies banned but they should be called crypto assets, not cryptocurrencies. He cautioned investors not to put any money they cannot afford to lose in crypto.

Tags in this story

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

Kevin Helms

A student of Austrian Economics, Kevin found 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.

Image Credits: Shutterstock, Pixabay, Wiki Commons

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

Read disclaimer

Articles You May Like

‘Bitcoin Jesus’ says Ethereum is the front-runner for global crypto adoption
Optimism set to unlock $587M worth of OP tokens, will investors unload?
Bitcoin price chart flashes a bullish sign that could lead to breakouts in ADA, QNT, RNDR and RPL
US CFTC issues letter on digital asset derivatives, clearing compliance in 3 areas
Scientists propose quantum proof-of-work consensus for blockchain