The Bangko Sentral ng Pilipinas (BSP) has extended indefinitely its moratorium on the issuance of new licenses for virtual asset service providers (VASPs), citing heightened risks in the virtual asset market.
The BSP approved the extension as part of the central bank’s efforts to safeguard consumers and maintain financial system stability.
VASPs include entities such as cryptocurrency exchanges that facilitate the trade or transfer of digital assets.
The BSP said the moratorium will be subject to periodic review, aligned with industry developments and the central bank’s ongoing efforts to enhance its monitoring, surveillance, and enforcement capabilities.
The move comes after the country’s removal from the Financial Action Task Force (FATF) grey list in February 2025.
The BSP said it remains committed to strengthening the country’s anti-money laundering, counter-terrorism financing, and counter-proliferation financing frameworks, particularly in monitoring VASP compliance with global standards.
In a public advisory, the central bank reminded Filipinos to exercise caution when transacting with digital assets, verify the registration of VASPs through the BSP’s official website, and report suspicious activities involving cryptocurrencies and related services.
