Central Bank of the Philippines extends moratorium on new virtual asset service provider licences indefinitely

The Monetary Board of the Bangko Sentral ng Pilipinas has approved an indefinite extension of the moratorium on granting new licences for virtual asset service providers (VASPs), citing heightened risks associated with virtual assets. Virtual assets are defined as any digital representation of value that can be digitally traded, transferred, or used for payment, including cryptocurrencies, while VASPs include entities that facilitate the exchange or transfer of virtual assets, such as cryptocurrency exchanges. The BSP will periodically review the moratorium in line with industry developments as it strengthens its monitoring, surveillance, and enforcement capabilities, and it linked its approach to ongoing efforts to further reinforce the Philippines’ anti-money laundering, counter-terrorism financing, and counter-proliferation financing framework following the country’s removal from the Financial Action Task Force grey list in February 2025.