BSP: Freeze on new crypto licenses stays

The Bangko Sentral ng Pilipinas (BSP) has extended indefinitely its moratorium on the issuance of new licenses for virtual asset service providers (VASPs), as regulators move to guard against risks linked to the fast-evolving digital asset industry.

- By KEISHA TA-ASAN

The BSP's Monetary Board approved the extension to give the central bank more time to strengthen its monitoring and enforcement tools, citing the "heightened risks" associated with virtual assets.

"The extension underscores the BSP's commitment to protect consumers and uphold the stability and integrity of the financial system," the central bank said.

Virtual assets refer to digital representations of value that can be traded, transferred or used for payment, such as cryptocurrencies. VASPs are firms that enable the exchange or transfer of such assets, including cryptocurrency exchanges.