Central bank extends moratorium on new crypto licenses

The Bangko Sentral ng Pilipinas (BSP) has extended indefinitely its moratorium on granting new licenses for virtual asset service providers (VASPs), citing heightened risks tied to the rapidly evolving digital asset market.

In a statement, the BSP said the Monetary Board approved the move “to protect consumers and uphold the stability and integrity of the financial system.”

Virtual assets (VAs) cover any digital representation of value that can be traded, transferred, or used for payment, such as cryptocurrencies. VASPs, on the other hand, are firms that facilitate the exchange or transfer of these assets, including cryptocurrency exchanges.

The BSP stressed that while the moratorium remains in place, it will conduct periodic reviews in line with global and local industry developments. The central bank also aims to strengthen its monitoring, surveillance, and enforcement capacity to better address emerging risks and trends in the sector.

The extension comes months after the Philippines’ removal from the Financial Action Task Force (FATF) grey list in February 2025, which recognized improvements in the country’s anti-money laundering and counter-terrorism financing framework.

“Close monitoring of VASPs is necessary to ensure they operate in full compliance with regulations and international standards, and that they implement secure, transparent, and accountable practices,” the BSP added.