Philippine central bank to freeze licensing of digital asset firms

Central Bank of the Philippines
Central Bank of the Philippines
Photo: Patrick Roque/Wikimedia Commons

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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