Bangko Sentral ng Pilipinas

Philippines pauses Virtual Asset Service Provider licenses for three years

The Bangko Sentral ng Pilipinas (BSP), the Philippines Central Bank, said Friday it has approved a modified approach which involved the closure of the regular application window for new VASP licenses for a period of three years and grant of new VASP licenses only to existing BSP supervised financial institutions (BSFIs).

Philippines to stop accepting digital bank applications for 3 years, caps licenses to 7

The Monetary Board decided to close the window for the submission of applications from new digital banks, including converting banks, starting August​ 31, 2021. This is in line with the overall thrust of maintaining a stable and competitive environment for banks.