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first_img The Central Bank of the Philippines plans to freeze the registration of payment operators for 12 months, tightening VASP regulation

The Bangko Sentral ng Pilipinas (BSP) has released a proposed announcement to suspend the acceptance of new applications for registration of payment system operators (OPS) for 12 months and to implement stricter controls on payment arrangements involving virtual asset service providers (VASP). The BSP stated that this move aims to conduct a comprehensive review of its classification and licensing framework.According to the draft, during the suspension period, the BSP will stop accepting and processing OPS applications. Applications submitted prior to the suspension can continue to be evaluated, but will not be approved or rejected until the suspension ends. Relevant entities are prohibited from conducting business activities that require OPS registration unless they obtain special authorization from the regulatory agency. In addition, BSP-regulated entities providing merchant acquiring services must connect licensed VASPs through direct merchant arrangements, and such relationships will be subject to enhanced due diligence, transaction and settlement limits, and other risk control measures.This requirement applies to virtual asset enterprises licensed, registered, or authorized by the BSP, the Securities and Exchange Commission of the Philippines, or other regulatory agencies, with VASPs being categorized alongside betting, gaming, adult industry, and money service businesses. If the draft is ultimately approved, it will take effect 15 days after publication, and the BSP is currently seeking public comments.

Detailed explanation of the security item change event released by Gate: Confirm that the applicant has a good grasp of highly matching external information and is advancing on-chain analysis and asset tracking procedures

Gate recently released a detailed verification statement regarding the security item changes and fund loss incident reported by customer 9****6. After an internal review, the platform confirmed that the applicant submitted materials highly matching the customer's account, including Email, phone number, real-name information, transaction records, and Alipay screen recordings. The platform pointed out that the Alipay screen recording required access to the customer's Alipay account and successfully passed multiple identity verifications, indicating that the applicant not only possessed account information but also obtained the customer's external real-name information, Alipay account, and device permissions in advance.The platform emphasized that its security unbinding review implements a four-fold verification process of "multi-channel advance notification + system risk control preliminary screening + manual multi-layer review + time protection." After notifying the customer through dual channels, the application was processed only after waiting two days without objections, and a 24-hour withdrawal prohibition protection was imposed after modification. Upon investigation, there were no information leakage logs within the platform, and some sensitive identity information provided by the applicant was external information previously unknown to the platform.Regarding fund recovery, the platform has sorted out the flow of funds and collaborated with multiple departments to conduct on-chain analysis and asset tracking, currently coordinating with third parties like Tether to advance the freezing process, and will cooperate with judicial investigations in the future. The platform advises customers to conduct comprehensive security reinforcement on their devices and expresses regret that the customer did not contact the platform within the three-day notification period.
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