The Bangko Sentral ng Pilipinas (BSP), the Philippine central bank, has extended its moratorium on granting new licenses for virtual asset service providers (VASPs), maintaining a freeze that was first introduced in 2022. The regulator said the decision reflects on concerns about consumer protection, financial integrity, and cybercrime risks.

The moratorium does not completely close the door to regulated financial institutions. The BSP previously clarified that banks and institutions with “stable” ratings under its Supervisory Assessment Framework may still apply for VASP licenses, provided they meet stringent requirements.