The Bangko Sentral ng Pilipinas (BSP) has approved the extension of its moratorium on granting new licences for virtual asset service providers (VASPs) for an indefinite period.

The central bank stated that the decision considers the heightened risks associated with virtual assets like cryptocurrencies.

In an announcement, the BSP said the extension underscores its commitment to protecting consumers. It also highlights the central bank’s dedication to upholding the stability and integrity of the financial system.

The central bank plans to strengthen its monitoring, surveillance, and enforcement capabilities. As it does so, it will periodically review the moratorium based on developments in the industry.

This move follows the Philippines’ removal from the Financial Action Task Force (FATF) grey list in February 2025.

The BSP stated its continued commitment to strengthening the country’s anti-money laundering and counter-terrorism financing framework. A key part of this effort involves closely monitoring VASPs to ensure their full compliance with regulations and international standards

Alongside the extension, the BSP issued a public advisory reminding consumers to exercise caution and to transact only with licensed or authorised VASPs.

It urged the public to verify the registration status of any VASP on the official BSP website before engaging their services.

Featured image by fabrikasimf via Freepik.