HomeLatest NewsShort Crypto NewsPhilippines Halts The Crypto License Application 

Philippines Halts The Crypto License Application 

Bangko Sentral ng Pilipinas announced that for 3 years, they wouldn’t approve any Virtual Asset Service Provider (VASP)license application; the tenure begins in September. A memorandum issued on Aug 10, 2022, stated that the decision is a step to establish a balance between encouraging innovation in the financial sector and managing rising risks.   

The central bank believes digital assets’ besides offering better access to financial services at affordable cost, are also posing threats.   

The central bank said that financial institutions in the Philippines could apply for a license to offer cryptocurrency services—including custody—provided their composite rating is “stable.”.   

As a passionate content writer, she is always eager to explore new topics. Through her blogs on cryptocurrencies, blockchain technology and non-fungible tokens (NFTs), she intends to help newbies gain a better understanding of the crypto world.


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