BSP may require financial institutions to limit user access to online gaming

The Bangko Sentral ng Pilipinas (BSP) is looking at requiring Philippine financial institutions to limit the gaming access of their users, in a bid to protect clients of digital platforms from risks associated with online gambling.

According to the central bank, it has already circulated a draft circular for such measures, and is now reviewing feedback from stakeholders.

“The circular would seek to require BSP-supervised institutions (BSIs), primarily banks and electronic money issuers, to better protect users of their digital platforms from these risks. Protection may come in the form of various limits to gaming access,” the BSP said.

“The BSP is taking a collaborative approach to crafting the circular, to ensure that the final policy strikes a balance between protecting consumers and preserving access to digital payments for licensed businesses,” it added.

To recall, the BSP in 2021 issued a directive that prohibited regulated entities from dealing with unlicensed gambling operators. It also ordered e-wallets and other BSIs to remove links to electronic sabong or e-sabong from their platforms in 2022.

“The BSP remains committed to promoting a safe, secure, and inclusive digital finance ecosystem for all Filipinos,” the BSP said.

Earlier this week, Senator Sherwin Gatchalian proposed a measure imposing strict regulations for online gambling, including banning the use of an e-wallet for online gambling, increasing the minimum age from 18 to 21, and having a minimum bet of P10,000 and a top up of P5,000.

Malacañang last month said the government has shut down 7,000 unauthorized gaming websites, citing concerns related to online gaming addiction. — BM, GMA Integrated News