BSP drafts rules to kill offshore QR workaround

The Bangko Sentral ng Pilipinas has circulated draft rules specifically targeting the use of QR Ph, the national QR payment standard, as a deposit channel for unlicensed offshore gambling and crypto platforms. The drafts have not yet been finalized. The move follows the BSP's 12-month moratorium on new payment operator licenses, announced separately. Together, the two actions form a coordinated squeeze: no new entrants get licensed, and the unlicensed pool loses one of its primary informal funding rails.

QR Ph became attractive to gray-market operators because it routes through domestic payment infrastructure without requiring the platform itself to hold a BSP license. Users scan a code, funds move through a licensed local intermediary, and the offshore operator receives value without direct BSP oversight of that operator. The draft rules appear aimed at placing liability or restriction on that intermediary layer.

QR Ph is widely used across the Philippines, including in lower-income segments where bank transfers are less common. Its adoption made it one of the most accessible deposit methods available to unlicensed offshore platforms, particularly offshore gambling sites and unregistered crypto exchanges targeting Filipino retail users.