BSP extends moratorium on new licenses for VASPs

The Monetary Board of the Bangko Sentral ng Pilipinas (BSP) has approved the extension of the moratorium on granting new licenses for virtual asset service providers (VASPs) for an indefinite period.

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.

VAs refer to any digital representation of value that can be digitally traded, transferred, or used for payment, such as, but not limited to, cryptocurrencies. 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. This approach ensures that the BSP can effectively address emerging risks and respond to evolving trends in the domestic and global VA landscape.

Following the Philippines’ removal from the Financial Action Task Force (FATF)’s grey list in February 2025, the BSP 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. ​​