VASP | Crypto

A central bank proposal would pause new payment operator registrations while requiring enhanced monitoring and transaction limits for arrangements involving virtual asset firms. The Philippines’ central bank has proposed freezing new payment-system operator registrations for 12 months while imposing tighter controls on payment arrangements involving virtual asset service providers (VASPs).  Under a draft circular, the Bangko Sentral ng Pilipinas (BSP) said it would suspend acceptance and processing of applications for operators of payment systems (OPS) to conduct a “holistic review” of its taxonomy and licensing framework.  Applications submitted before the suspension could continue to be evaluated, but the BSP would not approve or deny any until the pause ends. Entities would be barred from starting activities that require OPS registration unless the regulator authorizes them otherwise.  Read more

Regulators reportedly accepted BitGo Korea’s registration on Tuesday, two days before stricter VASP entry requirements took effect. BitGo Korea has secured a virtual asset service provider (VASP) registration in South Korea, providing a regulatory foundation to offer digital asset custody services to institutions.  On Thursday, BitGo announced that the Korea Financial Intelligence Unit accepted its local entity’s VASP registration, allowing it to provide virtual asset custody and transfer services to institutional and enterprise clients.  The company said it established the local entity instead of acquiring an existing registered provider and said it had built security, anti-money laundering, internal control and operational frameworks tailored to South Korean requirements.  Read more