Philippines Will Stop Accepting Crypto License Applications for 3 Years, Regulator Says

The cardinal slope of the Philippines, Bangko Sentral ng Pilipinas, has announced that it volition halt accepting crypto licence applications for 3 years, starting adjacent month. The cardinal slope is the superior regulator of the crypto assemblage successful the Philippines.

Philippines Halts Accepting Crypto License Applications

The Philippine cardinal bank, Bangko Sentral ng Pilipinas, announced Wednesday that it volition halt accepting caller Virtual Asset Service Provider (VASP) licence applications for 3 years.

In a memorandum dated Aug. 10, the cardinal slope explained that it “aims to onslaught a equilibrium betwixt promoting innovation successful the fiscal assemblage and ensuring that associated risks stay wrong manageable levels.”

The cardinal slope added, “The Bangko Sentral recognizes that arsenic VAs [virtual assets] connection opportunities to beforehand greater entree to fiscal services astatine reduced costs, they besides airs varied risks that whitethorn undermine fiscal stability,” elaborating:

In this regard, the regular exertion model for caller VASP licenses shall beryllium closed for 3 (3) years, starting 01 September 2022, taxable to re-assessment based connected marketplace developments.

The cardinal slope noted that existing BSP-supervised fiscal institutions that privation to grow operations by offering crypto services, including custodial services, whitethorn inactive use for a VASP licence provided that they person a Supervisory Assessment Framework composite standing of astatine slightest “stable.”

The Bangko Sentral ng Pilipinas’ website shows 19 approved virtual plus work providers arsenic of June 30.

Last month, BSP Governor Felipe Medalla said helium does not privation cryptocurrencies banned but they should beryllium called crypto assets, not cryptocurrencies. He cautioned investors not to enactment immoderate wealth they cannot spend to suffer successful crypto.

What bash you deliberation astir the Philippines taking a three-year interruption from accepting crypto licence applications? Let america cognize successful the comments conception below.