BSP to regulate e-wallets used for online gambling

5 days ago 10

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The facade of Bangko Sentral ng Pilipinas

The STAR / File photo

MANILA, Philippines — The Bangko Sentral ng Pilipinas (BSP) is set to implement regulations on e-wallets used for online gambling.

In a statement on Thursday, August 7, the BSP said it is finalizing rules that will require banks, e-wallets, and other financial service providers to “adopt stronger safeguards against gambling-related harm.”

“These safeguards aim to reduce the risks of addiction, fraud, and financial harm while promoting the responsible use of digital financial services,” the central bank said in a statement.

The central bank said that it will implement the following:

Strict identity verification, including biometric checks, such as facial recognition, to ensure only eligible individuals can use their funds for online gambling.
Daily limits on gambling-related transfers to reduce excessive financial losses.
Time-based restrictions on gambling payments to help curb impulsive behavior.
User tools for setting personal spending caps, taking voluntary breaks, or self-excluding from gambling transactions.

Several government officials, including President Ferdinand Marcos Jr. and some lawmakers, have raised concerns about the social impact of online gambling, citing issues such as addiction, family problems and financial hardship.

While some senators are pushing for a complete ban on the industry to protect minors and families, other officials and industry groups argue that such a move could lead to job losses, weaken consumer protections, and reduce government revenue.

The clergy has also joined the debate, condemning online gambling as a "public health crisis."

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