Philippine central bank to freeze licensing of digital asset firms
Existing financial institutions under the BSP’s supervision can still apply for a licence
The Philippines’ central bank says it will stop accepting new applications for virtual asset service provider (VASP) licences for three years starting September 1.
In a memorandum explaining its decision, the Central Bank of the Philippines (BSP) said it aims to strike a balance between promoting financial innovation and limiting associated risks.
“Recent market developments have necessitated the adoption of a modified VASP licensing approach,” said the central bank’s governor Felipe Medalla
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