Payment system operators including banks and electronic money issuers have six months to comply with the requirements.
The SEC has warned against dealing with unlicensed forex brokers, crypto exchanges, and DeFi platforms among others.
The seventh and final digital bank is likely to be an existing bank applying to convert into a digital bank, but approval has been delayed.
The BSP is not looking to prescribe specific alternative reference rates for use by Philippine banks, saying these choices should be market-driven.
Designated payment systems are expected to demonstrate adequate governance and risk management arrangements in line with the PFMI.
The bill requires banks and non-bank FIs to "exhaust all means to ensure that victims are able to recover their monetary loss, if any".
Users of NPCI's BHIM mobile app will be able to make UPI QR-based payments at merchants progressively across north and southeast Asia from early 2022.
The initiative is part of the April 2019 bilateral arrangement between BNM and BOT under the ASEAN Banking Integration Framework.
Monetary penalties have increased from PHP 30,000 to a maximum PHP 1 million for each violation. Fines up to three times profit gained or loss avoided can also be imposed.
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