According to CoinMeta, the Central Bank of the Philippines ( BSP ) has proposed a 12-month freeze on the registration of new payment system operators in order to strengthen control over digital payments and cryptocurrency services. The plan will also involve more stringent inspections of payment arrangements involving regulated virtual asset companies, as well as the establishment of stricter monitoring and transaction restrictions. BSP stated that this suspension will provide time for a “comprehensive review” of its payment operator classification and licensing framework. The proposal also specifies that during the freeze period, companies are not allowed to commence activities that require payment system operator registration unless they obtain separate approval from BSP. The proposal is still open for feedback and has not been finalized yet; if approved, the rules will come into effect 15 days after their publication.