The Anti-Red Tape Authority (ARTA) said the automatic approval mandated by the Ease of Doing Business Act did not apply to Lyka, given that entities under investigation are not covered by the reglementary period under the law.
The BSP upheld the cease-and-desist order (CDO) issued against Digital Spring on July 23, 2021, reiterating that Lyka and not Digital Spring should register as Operator of Payment System (OPS) with the BSP.
