Philippine crypto traders back BSP licensing freeze

Crypto traders in the Philippines have voiced support for a licensing freeze by the Bangko Sentral ng Pilipinas (BSP), according to a report by the Manila Standard. The reported backing indicates that some market participants see value in pausing the addition of new licensed crypto service providers while the sector’s regulatory environment develops.

The BSP is the Philippines’ central bank and plays a key role in supervising virtual asset service providers, or VASPs. These firms can offer services involving digital assets, including the exchange, transfer, or custody of cryptocurrencies, subject to applicable licensing and compliance requirements.

A licensing pause can affect prospective entrants to the local crypto market, while existing regulated providers remain important to users seeking services within the country’s oversight framework. For traders, the issue is relevant because licensing rules can shape which platforms operate locally and how consumer-protection and anti-money-laundering standards are applied.

The Manila Standard report frames the traders’ position as support for the BSP’s freeze rather than opposition to crypto activity itself. The development highlights continued attention on how the Philippines balances digital-asset innovation with supervision of a rapidly evolving financial-services sector.