The Bangko Sentral ng Pilipinas (BSP) ordered Lyka to halt its operations as an Operator of Payment System (OPS) and urged to register first as one. This is because the social media platform is not an official OPS registrant to the BSP.
This order stemmed from the discovery that the platform offers users the ability to purchase, exchange, and use GEMs as payment for goods and services. These functions described what makes an OPS, as per the Monetary Board.
For Lyka to continue its operations, it must register with the central bank as an Operator of Payment System. The Republic Act No. 11127 or The National Payment Systems Act (NPSA) and the BSP Circular No. 1049 supports this directive, which provides the regulations on registering for OPS.
Lyka registering as an official OPS grants the central bank to oversee the payment system. This is to ensure its safety and efficiency of the said function.
Lyka, in turn, responded that it’s willing to register.
With that said, the bank reminds the public to use BSP-registered OPS only to ensure safety—the complete list of registered OPS is available on BSP’s official website.