The Bangko Sentral ng Pilipinas has circulated a draft circular that would stop it from accepting new Operator of Payment System (OPS) applications for 12 months, place licensed crypto platforms and money service businesses in a high-risk merchant class, and set up a national registry of QR merchant codes. It is a draft open for comment, not a rule in force. The Philippine Star and BusinessWorld both reported it on September 7, 2026, under the title “Regulations to Strengthen Integrity Controls in Payment Transactions”.
| Proposal in the draft | Timing |
|---|---|
| Pause on new Operator of Payment System applications | 12 months |
| Interim QR merchant registry | Within 90 days |
| Full National QR Code Merchant Database | Within 12 months |
| Reporting of material fraud and scam incidents | Within 24 hours |
| Effectivity, if finalised | 15 days after publication |
High-risk merchant class
Licensed virtual asset service providers (VASPs), the crypto platforms the BSP registers, and money service businesses are among the categories the draft would treat as high-risk. They could be onboarded only through direct merchant arrangements, with enhanced due diligence and transaction limits. The application pause covers the acceptance and processing of new filings, and the BSP said it would “facilitate the BSP’s holistic review of the OPS taxonomy and licensing framework”, as quoted by the Philippine Star.
The BSP has not posted the draft text in a form either outlet reproduced in full, so the proposals above are quoted through their reporting. Current InstaPay and PESONet charges by institution are in our transfer fees table.
