Traders back tighter BSP rules

The Philippine crypto community has backed the Bangko Sentral ng Pilipinas’ proposed tighter rules for payment operators and virtual asset service providers, saying stronger oversight could help the industry mature but would not eliminate investment risks.

Arlone Abello, CEO of Global Miranda Miner Group and founding chairman of the Innovative Movement of the Philippine Association of Crypto Traders, said tighter controls could improve accountability as cryptocurrency gains wider adoption.

“A pause on new licenses and closer controls on virtual asset service providers are not a step back for crypto. They are what happens when an industry grows up,” Abello said during The Crypto Roundtable.

The BSP earlier proposed suspending new registrations of Operators of Payment Systems for 12 months while it reviews its licensing framework.

The draft rules would also require payment firms to transact with regulated virtual asset service providers through direct arrangements, with stronger due diligence, monitoring and transaction limits.

Abello said regulation alone, however, would not protect investors from losses.

“Reaching this level of participation shows that crypto is no longer just a niche interest,” he said. “As the ecosystem grows, users also need to become more disciplined in how they understand risks, manage exposure, and make decisions in the market.”

GMMG said financial and market education should expand alongside regulation, particularly as more Filipinos enter digital asset markets.

Abello said the profile of local crypto participants has also broadened beyond users drawn by the earlier play-to-earn boom, with traditional investors, professionals and younger Filipinos increasingly exploring digital assets.

He said renewed activity in global cryptocurrency markets could attract more first-time investors, making education on technical analysis, risk management and disciplined trading increasingly important.