The central bank stated virtual asset service providers pose a great risk but will allow existing businesses to continue operations or expand.
- The central bank of the Philippines will not accept applications from virtual asset service providers for three years.
- The bank claims the institutions pose varied risk to financial stability.
- Previously existing service providers can still expand operations and continue operating based on regulatory compliance.
The Bangko Sentral, central bank of the Philippines, will close the door to all virtual asset service providers (VASPs) seeking a license to operate in the country starting September 1, per an announcement from the bank.