Philippines central bank to stop permits for new virtual asset service firms

The Philippine central bank will close its regular application window for new virtual asset service provider licenses for three years beginning September, it said in a memorandum.

The regulator said it “aims to strike a balance between promoting innovation in the financial sector and ensuring that associated risks remain within manageable levels.”

Central bank-supervised institutions that want to expand offerings to virtual-asset services including safekeeping may still apply for a license, according to the memorandum dated August 10. The closing of the regular window will be reassessed based on market developments.

On its website, the central bank lists 19 companies that offer services related to virtual assets, including cryptocurrency, as of end-June.

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