BSP extends moratorium on granting new crypto, virtual asset provider licenses indefinitely

Cryptocurrency exchanges or virtual asset service providers (VASPs) planning to enter the Philippines will have to wait indefinitely before they can secure a license to operate in the country.

This, after the Bangko Sentral ng Pilipinas’ (BSP) policy-setting Monetary Board has approved the extension of the moratorium on granting new licenses for VASPs “for an indefinite period.”

On September 1, 2022, the BSP temporarily suspended the acceptance of applications for new VASP licenses for a period of three years. 

The moratorium was supposed to expire in September this year.

“The extension of the moratorium considers the heightened risks associated with virtual assets (VAs) and underscores the BSP’s commitment to protect consumers and uphold the stability and integrity of the financial system,” the central bank said.

The BSP defines VAs as any digital representation of value that can be digitally traded, transferred, or used for payment, such as, but not limited to, cryptocurrencies. 

Meanwhile, VASPs are entities that facilitate the exchange or transfer of VAs, such as, but not limited to, cryptocurrency exchanges.  

“The BSP will periodically review the moratorium on VASP licensing in line with industry developments, as it strengthens its monitoring, surveillance, and enforcement capabilities,” the central bank said.

“This approach ensures that the BSP can effectively address emerging risks and respond to evolving trends in the domestic and global VA landscape,” it added.

The BSP noted that following the Philippines’ removal from the Financial Action Task Force (FATF)’s anti-money laundering or “grey” list in February 2025, it remains committed to further strengthening the country’s anti-money laundering, counter-terrorism financing, and counter-proliferation financing of weapons of mass destruction framework. 

“The task includes close monitoring of VASPs so they operate in full compliance with regulations and international standards, and implement secure, transparent, and accountable practices,” the central bank said.—LDF, GMA Integrated News