Philippines Will Stop Accepting Crypto License Applications for 3 Years, Regulator Says #togrp7

The central bank of the Philippines, Bangko Sentral ng Pilipinas, has announced that it will stop accepting crypto license applications for three years, starting next month. The central bank is the primary regulator of the crypto sector in the Philippines.

The Philippine central bank, Bangko Sentral ng Pilipinas, announced Wednesday that it will stop accepting new Virtual Asset Service Provider (VASP) license applications for three years. In a memorandum dated Aug. 10, the central bank explained that it “aims to strike a balance between promoting innovation in the financial sector and ensuring that associated risks remain within manageable levels.” The central bank added, “The Bangko Sentral recognizes that as VAs [virtual assets] offer opportunities.#togrp7

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