The Central Bank of the Philippines has issued a memorandum informing applicants for authority to operate as a Virtual Asset Service Provider (VASP) that the Monetary Board has approved the continued enforcement of the moratorium on the issuance of new VASP licences. The extension was approved under Monetary Board Resolution No. 848 dated 20 August 2025, with the moratorium continuing from 1 September 2025. The central bank cited ongoing concerns identified through its assessments, including consumer protection issues and increasing cybercrime, while noting the advances in financial services enabled by digital platforms and distributed ledger technologies such as blockchain. The moratorium remains subject to reassessment based on global and local developments.
Central Bank of the Philippines 2025-08-29
Central Bank of the Philippines extends moratorium on issuing new virtual asset service provider licences from 1 September 2025
The Central Bank of the Philippines announced the extension of the moratorium on new Virtual Asset Service Provider (VASP) licenses, as approved by the Monetary Board under Resolution No. 848. The decision, effective from 1 September 2025, cites concerns over consumer protection and rising cybercrime, despite advancements in digital financial services. The moratorium will be reassessed in light of global and local developments.