Regulation news

04:46 Regulation

Argentina draft bill would bring crypto and tokenization into capital markets

Argentina draft bill would open capital markets to crypto and tokenization An early deregulatory bill prepared by Deregulation Minister Federico Sturzenegger would let investment funds buy digital assets if their policies allow it and the CNV approves, while also permitting the issuance, custody, transfer and sale of negotiable securities via decentralized technologies. The proposal would bring crypto and blockchain into Argentina’s national financial markets if enacted.

04:16 Regulation

BitMEX, BitMart and AscendEX move to shut down amid industry pressure

BitMEX, BitMart and AscendEX move to shut down in July Three crypto exchanges announced closures this month as pressure builds from regulation, weak trading activity and competition. BitMEX said on July 23 it will wind down by Sept. 23 after halting new registrations, while BitMart said on July 26 it had begun an orderly shutdown, with trading ending Aug. 26 and withdrawals open until January 2027. AscendEX said it closed after failing to secure a MiCA license.

22:48 Regulation

Bank of Russia Chief Defends Crypto Caps, Says Law Does Not Bar Overseas Transfers

Bank of Russia says new crypto law does not block transfers abroad Bank of Russia Governor Elvira Nabiullina defended Bill No. 1194918-8 after criticism over its split between qualified and non-qualified investors, saying the approach is standard risk protection and does not restrict sending crypto abroad. The law, due to take effect on September 1, caps non-qualified investors at 300,000 rubles in purchases, while assets moved overseas will not be protected by Russian law if disputes arise.

18:00 Regulation

CFTC repeats warning to prediction markets over broad self-certification filings

CFTC renews warning to prediction markets on broad self-certifications The CFTC on July 24 told prediction market operators for the second time this year to stop filing broad, template-style self-certifications for event contracts without detailed terms for each permutation and a concise compliance analysis. The advisory comes days before the agency’s July 27 deadline for comments on proposed rule changes that would tighten how it decides whether certain event contracts are against the public interest.

06:00 Regulation

Wise to refile for U.S. trust bank charter using GENIUS Act stablecoin framework

Wise to refile for U.S. national trust bank charter under GENIUS Act Wise plans to submit a new application for a U.S. national trust bank charter after the OCC rejected its first bid over weak anti-money laundering controls, management gaps and limited national banking experience in its U.S. operations. The company said the new filing will use the GENIUS Act framework for payment stablecoins instead of its original plan tied to Federal Reserve payment system access, and that it has strengthened financial-crime controls.

22:16 Regulation

Sberbank aims to launch regulated crypto trading infrastructure by Dec. 1, 2026

Sberbank targets Dec. 1, 2026 launch for regulated crypto platform Russia’s Sberbank said it plans to launch the infrastructure for licensed cryptocurrency trading, including a digital depository, by Dec. 1, 2026. First Deputy Chairman Alexander Vedyakhin said the system will record clients’ crypto rights, process transfers and account for off-chain transactions, as Russia moves toward a new legal framework for crypto exchanges, brokers, custodians and depositories.

20:15 Regulation

Mirae Asset Completes Korbit Takeover and Rebrands Exchange as Digital X

Mirae Asset takes 97.15% of Korbit, rebrands exchange as Digital X Mirae Asset Consulting has closed its 141.4 billion won acquisition of a 97.15% stake in Korbit after South Korea’s Fair Trade Commission approved the deal on July 9, making it the first affiliate of a major Korean financial group to control a domestic crypto exchange. Korbit, which holds about 0.5% market share, is being rebranded as Digital X to link stablecoins, tokenized real-world assets and traditional securities under Mirae Asset’s “3.0” strategy.

15:16 Regulation

Massachusetts Senate Backs Crypto ATM Ban After Nearly $6.8M in Reported 2025 Losses

Massachusetts Senate backs crypto ATM ban in economic bill The Massachusetts Senate voted Thursday to prohibit crypto ATMs by adding the measure to an omnibus economic development bill, after the FBI logged 296 kiosk-scam complaints and $6,834,561 in reported losses statewide in 2025. The ban is not law yet: similar House language failed twice before, and its fate now depends on House-Senate negotiations over the final bill.

05:01 Regulation

India finance panel backs interim self-regulatory body for crypto oversight

India finance panel proposes interim SRO for crypto oversight India’s Parliamentary Standing Committee on Finance has proposed a temporary Self-Regulatory Organisation to oversee cryptocurrencies and virtual digital assets until a full law is passed, weeks after the RBI renewed its warnings on crypto risks. In Report No. 36 filed on July 23, 2026, the panel said the SRO should be supervised by the RBI or SEBI and enforce investor protection, disclosures, customer fund segregation and complaint handling.

03:46 Regulation

Naver-Dunamu merger clears FIU rule issue, but antitrust review remains

Naver-Dunamu merger clears FIU rule hurdle but faces antitrust review South Korea’s Regulatory Reform Committee recommended easing a proposed major-shareholder rule under the Special Financial Transactions Act, potentially reducing concerns over Naver Financial’s eligibility in a merger with Dunamu. But the Korea Fair Trade Commission said that change is separate from its review and it will closely examine whether combining Naver’s platform, payments and data with Upbit operator Dunamu could restrict competition or create a monopoly.

01:00 Regulation

Fraternal Order of Police Endorses Revised CLARITY Act After Law Enforcement Changes

Fraternal Order of Police backs revised CLARITY Act The 382,000-member Fraternal Order of Police endorsed the latest CLARITY Act after lawmakers added protections for criminal investigations, suspicious transaction holds, and digital asset seizures. The revised bill also shields certain digital asset entities from liability for voluntarily delaying suspicious transactions and includes support for state and local crypto crime enforcement, even as Senate Democrats withheld support and negotiations continue.

22:16 Regulation

EU adds crypto exchange HTX to sanctions package tied to Russia restrictions

EU adds crypto exchange HTX to Russia sanctions list The European Union has sanctioned HTX, formerly Huobi Global, adding it to a list of 18 non-EU entities accused of providing crypto-asset or payment services that undermine the bloc’s restrictions on Russia over the war in Ukraine. The move bars transactions between EU operators and the listed entities under the amended measures adopted Thursday. The package also includes a ban on Belarusian nationals and residents owning, controlling or managing crypto exchanges and digital asset service providers under the EU’s MiCA framework.

12:49 Regulation

OCC rejects Wise’s US trust bank charter application, sending shares down 11%

OCC rejects Wise’s US trust bank charter application Wise said the Office of the Comptroller of the Currency denied its US national trust bank charter application on July 23, citing anti-money-laundering deficiencies, a 2025 Multi-State Consent Order and concerns over fiduciary experience. The London-based payments firm’s shares fell 11% in under 24 hours, and Wise said it plans to refile under the GENIUS Act while continuing US operations under money transmitter licenses.

10:46 Regulation

MiCA deadline forces unauthorised crypto firms to leave or restructure in the EU

MiCA transition ends, forcing unauthorised crypto firms out of the EU Europe’s final MiCA transition period expired on July 1, 2026, meaning crypto-asset service providers that had operated under national regimes now need MiCA authorisation or must wind down EU activities. The deadline has already cut the number of firms serving European users, increased the value of an EU licence and pushed customers to check ESMA’s register as some platforms restrict services, transfer clients or leave the region.

08:50 Regulation

Seoul court says stablecoin exchange services need VASP registration in South Korea

Seoul court backs FIU on stablecoin exchange registration A Seoul court ruled that companies cannot offer exchange services for stablecoins or other cryptocurrencies in South Korea without registering as a virtual asset service provider, siding with the FIU in its case against fintech firm Darwin KS. The court said Darwin KS’s ATM business, which exchanged BTC, ETH and USDT from foreign tourists into won for a fee, qualified as virtual-asset exchange activity even though customer assets were held by registered custodian KODA. Darwin KS plans to appeal.

01:16 Regulation

OKX exchange app disappears from Google Play in the Philippines amid SEC crackdown

OKX trading app removed from Google Play in the Philippines OKX’s main exchange app is no longer available on Google Play in the Philippines, the latest fallout from the SEC’s campaign against unlicensed crypto platforms. The SEC flagged OKX and nine other exchanges on Aug. 1, 2025, and said it would seek website blocks and takedowns from companies including Google and Meta over licensing, investor-protection, and AML concerns.

00:46 Regulation

South Korea set to publish security token rules as broader market reforms continue

South Korea to issue security token rules this month South Korea’s Financial Services Commission plans to release subordinate regulations and guidelines for security tokens this month, setting standards for eligible fractionalized assets, disclosures, OTC exchange licensing and investor trading limits. The move is a key step in the country’s STO rollout ahead of the revised Electronic Securities Act and Capital Markets Act taking effect in February 2027.

22:16 Regulation

EU sanctions 14 crypto platforms and 94 banks in new Russia measures

EU sanctions 14 crypto platforms in new package against Russia The EU’s 21st sanctions package adds 14 crypto service platforms and 94 banks and financial institutions to its Russia blacklist, targeting providers in Georgia, Panama, the UAE, the Marshall Islands, Kyrgyzstan and Belarus that the Council says helped Russia-linked transfers. Adopted on July 23, the package also gives the bloc power to ban crypto-asset services tied to an entire third country if local platforms are used to evade sanctions.

21:49 Regulation

SEC’s Peirce says some crypto vaults and onchain lending products may face securities rules

SEC’s Peirce warns some crypto vaults may fall under securities laws SEC Commissioner Hester Peirce said July 22 that crypto vaults and onchain lending products can trigger U.S. securities rules depending on how they are structured, operated and managed. She said products where developers or managers choose investments, rates, loan-to-value ratios or liquidation thresholds may face closer scrutiny, and urged builders to engage with the SEC instead of assuming onchain activity sits outside federal law.

21:18 Regulation

Goldman Sachs CEO Backs Clarity Act as Senate Crypto Vote Nears

Goldman Sachs CEO David Solomon backs Clarity Act ahead of Senate vote Goldman Sachs CEO David Solomon said he supports moving the Clarity Act forward, breaking with JP Morgan CEO Jamie Dimon and banking trade groups as the crypto market-structure bill nears a possible Senate floor vote. Solomon told Politico the bill would help create market structure and a “level playing field,” while bank critics warn its stablecoin-yield provisions could pull deposits from traditional lenders.

15:17 Regulation

US freezes $130M IRGC crypto wallet as Iran financial crackdown widens

US freezes $130M IRGC crypto wallet in wider Iran crackdown The US Treasury Department has frozen a crypto wallet worth $130 million that officials say is controlled by Iran’s Islamic Revolutionary Guard Corps, as Washington steps up efforts to disrupt Iran’s financial network. Treasury Secretary Scott Bessent said the move is part of a broader push to track and block crypto tied to Iran, with investigators also tracing more accounts and other assets linked to the country’s leadership, including Ayatollah Ali Khamenei.

12:46 Regulation

EU approves new Russia sanctions package targeting 11 crypto platforms

EU agrees sanctions on 11 crypto platforms tied to Russia EU governments on Thursday approved a 21st sanctions package against Russia that targets 11 crypto platforms, most of them outside Russia, alongside 94 Russian banks and the Moscow Exchange. Officials have not named the platforms, but the move widens pressure beyond Russia’s domestic crypto sector while BTC and other cryptocurrencies remain legal to own and trade.

12:18 Regulation

FATF says crypto enforcement trails legislation as stablecoin and AI risks grow

FATF warns crypto enforcement is lagging behind new laws FATF’s 7th update on virtual asset rules found jurisdictions are passing crypto measures faster than they enforce them: 83% now have Travel Rule legislation, but 60% of those have taken no supervisory or enforcement action. The watchdog also flagged “freeze-resistant” stablecoins and AI-driven fraud as emerging risks, while saying wallet screening, blockchain analytics, and freezing or blocking tools should now be standard AML/CFT controls.

10:50 Regulation

Bitget added to New Zealand financial services register, joins IFSO complaints scheme

Bitget registers on New Zealand financial services provider register Bitget has been added to New Zealand’s Financial Service Providers Register and joined the IFSO Dispute Resolution Scheme, giving eligible customers an external channel for complaints. The FSPR registration covers services including foreign exchange, domestic and cross-border money transfers, client asset custody, portfolio and money management, and execution of financial product or FX transactions on behalf of clients.

04:17 Regulation

France Orders Nationwide ISP Block on Polymarket, Company Prepares Court Challenge

France orders ISPs to block Polymarket nationwide French gaming regulator ANJ ordered internet providers to block Polymarket before the FIFA World Cup final, arguing the site was still promoting unauthorized betting by showing live market odds. Polymarket plans to challenge the order in French courts, saying it had already stopped French users from placing bets in late 2024 and only continued offering market data and event probabilities.

04:15 Regulation

Peirce Says Some Crypto Vaults and Onchain Lending May Fall Under Securities Rules

SEC’s Peirce flags crypto vaults and onchain lending for securities review SEC Commissioner Hester Peirce said some crypto vaults and decentralized lending models could fall under existing U.S. securities laws, warning that blockchain technology alone does not put products outside federal oversight. She said platforms with human managers, portfolio-style asset allocation, or lending terms such as interest rates, collateral rules and liquidations may face closer scrutiny, and urged developers to engage with the SEC early.

01:46 Regulation

Injective Seeks SEC Transfer Agent Status to Support On-Chain Securities Records

Injective files SEC transfer agent registration for on-chain securities records Injective has filed Form TA-1 with the US Securities and Exchange Commission to register as a transfer agent, seeking a role in official recordkeeping for securities ownership on blockchain rails. If approved, the registration could support tokenized stocks, funds and credit products on Injective’s infrastructure; the filing does not register the INJ token as a security.

16:48 Regulation

Hester Peirce Says Some DeFi Vaults Could Fall Under US Securities Laws

Peirce warns SEC could treat some DeFi vaults as securities SEC Commissioner Hester Peirce said on-chain DeFi vaults may fall under US securities laws if a pool or strategy is managed by a team rather than an autonomous algorithm. She warned that human control over interest rates or capital allocation could make a project a securities issuer, investment company, or even an unregistered investment adviser, and said tokenizing assets on-chain does not remove legal responsibility.

14:32 Regulation

CLARITY Act’s Section 604 Seeks to Redefine Money-Transmitter Liability in DeFi

CLARITY Act Section 604 targets DeFi money-transmitter liability Section 604 of the CLARITY Act would make non-custodial developers and software publishers that never control user funds exempt from money-transmitter status under the Bank Secrecy Act, aiming to settle a dispute sharpened by the Tornado Cash and Samourai Wallet cases. The fight matters because operating an unlicensed money-transmitting business can be prosecuted under 18 U.S.C. Section 1960, while exchanges, custodial wallets and payment processors would remain regulated.

14:02 Regulation

EU digital euro talks advance as lawmakers target deal within six months

Digital euro talks move ahead with possible ECB decision by 2027 EU negotiations on the digital euro are underway, with lawmakers aiming to reach a legislative agreement within six months and a possible ECB issuance decision by 2027. The proposed CBDC would be fully backed by the ECB and offered through banks and payment providers, while critics warn it could expand surveillance and control despite promises of cash-like privacy for offline payments.

13:33 Regulation

Draft CLARITY bill would let crypto projects self-certify token maturity

CLARITY bill would let crypto projects self-certify token maturity A draft CLARITY framework would flip US crypto classification by letting an issuer, affiliate, or even a DAO certify that a blockchain is mature, starting a rebuttable presumption the SEC has 60 days to challenge. If unchallenged, the token would move out of SEC oversight and originator disclosures into CFTC jurisdiction as a digital commodity, using a maturity test centered on network functionality and a 20% control cap.

10:15 Regulation

South Korea Moves to Fast-Track Existing Curbs on Single-Stock Leveraged ETFs

South Korea to speed rollout of single-stock leveraged ETF curbs President Lee Jae-myung’s call for a “swift and bold” response on single-stock leveraged ETFs is not a push for extra restrictions, presidential policy chief Kim Yong-beom said on July 22, but an order to implement existing measures faster. The package raises the minimum deposit to 30 million won, allows only cash as deposits, lifts the trading unit to 20 shares, and tightens accountability for tracking gaps, while regulators may discuss limited flexibility on that rule with the industry.

07:45 Regulation

Kim Min-seok backs won stablecoin rules and tokenized securities framework

Kim Min-seok puts won stablecoins, tokenized securities at center of reform agenda Former Prime Minister Kim Min-seok said he will make the institutionalization of won stablecoins and tokenized securities a core part of his financial reform agenda, including a Framework Act on Digital Assets and a party-led special committee on public assets and financial innovation. The Financial Services Commission is separately drafting detailed rules on stablecoin issuers, reserve assets and redemption rights, while tokenized securities rules are further along under planned legal amendments.

04:45 Regulation

Pakistan FIA forms digital-asset crime unit under national control center

Pakistan FIA sets up digital-asset crime unit Pakistan’s Federal Investigation Agency has created a Digital Assets Crime Investigation Team under the National Command and Control Center to investigate cases involving digital assets, including money laundering and terrorist financing, The Block reported on July 22. The unit will work with the Pakistan Virtual Assets Regulatory Authority, while FIA Counter Terrorism Wing director Muhammad Athar Waheed proposed similar teams at the cybercrime agency and Anti-Narcotics Force.

04:02 Regulation

UK Lawmakers Investigate Bank Blocks on Crypto Transfers and Account Access

UK lawmakers open inquiry into banks’ crypto restrictions A cross-party group of UK lawmakers has launched an inquiry into whether bank account closures, payment blocks and transfer limits on crypto firms and users are undermining Britain’s digital asset ambitions. The Crypto and Digital Assets APPG will review access to banking, payments and insurance, with written submissions open for six weeks until Aug. 31 before it publishes recommendations to the government.

04:01 Regulation

Interactive Brokers Suspends Stablecoin Deposits for Clients in the Philippines

Interactive Brokers halts stablecoin deposits for Philippine clients Interactive Brokers has suspended stablecoin deposits for Philippines-based clients, telling users it cannot process such transfers under local rules for virtual asset services and that any stablecoins sent to previously issued wallet addresses will not be credited. The move leaves Philippine users with traditional funding methods like bank wires and third-party payment services instead of USDC deposits.

21:45 Regulation

Reported White House ethics deal boosts prospects for Senate crypto market bill

White House reportedly clears ethics hurdle for Senate crypto market bill Bitcoin climbed back above $66,000 after journalist Eleanor Terrett reported on July 20 that the White House had agreed on an ethics package for the Digital Asset Market Clarity Act and sent the language to some Senate Republicans, easing the main obstacle to a floor vote before the August recess. The text is still not public, and the bill still needs enough Democratic support to clear the Senate’s 60-vote threshold.

21:31 Regulation

Ripple secures MiCA authorization for EU and EEA crypto payment services

Ripple wins MiCA authorization for EU and EEA payments Ripple has secured full MiCA authorization for its European corporate payments entity, giving it a compliant route to offer crypto-asset payment services across EU and EEA markets under the bloc’s new framework. The approval is a licensing milestone for Ripple’s business operations, not blanket regulatory clearance for XRP trading, but it could help the company expand with banks, fintechs, and institutional clients in Europe.

21:01 Regulation

Russia’s Duma Passes Crypto Bill Tightening Control Over Domestic and Cross-Border Trading

Russia’s Duma passes bill to put crypto trading under licensed control Russia’s State Duma approved Bill No. 1194918-8 in its second and third readings on July 21, creating a licensed domestic system for crypto trading and cross-border settlements while keeping crypto payments inside Russia banned. Retail users would have to pass a test and face a 300,000-ruble annual limit through each intermediary, while from July 1, 2027 banks would block direct payments to unlicensed foreign exchanges; the bill still needs approval from the Federation Council and President Vladimir Putin.

19:16 Regulation

Circle shares rise after OCC approves national trust bank charter

Circle stock jumps 10% after OCC approves national trust bank charter Circle (NYSE: CRCL) rose about 10% on July 21 after CEO Jeremy Allaire said the company’s new OCC-approved national trust bank, Circle National Trust, will help it comply with the GENIUS Act and support wider institutional use of digital dollars. Allaire called it a landmark approval and said the charter lets Circle directly manage USDC and offer custody for stablecoins, digital assets and other tokenized assets before the law takes full effect in January 2027.

16:46 Regulation

BIS study says dollar stablecoins may weaken capital controls in emerging markets

BIS study says dollar stablecoins can bypass capital controls A Bank for International Settlements study of more than 130 economies found dollar-backed stablecoin inflows rise during macroeconomic stress, much like foreign-currency deposits, but show little response to capital controls or FX restrictions. The researchers said this points to a new form of “digital dollarization” that could undermine monetary sovereignty in emerging markets by letting users shift into dollars outside the banking system.

16:16 Regulation

CFTC outlines penalty relief for self-reporting across derivatives and digital commodity markets

CFTC sets penalty relief framework for self-reporting, including crypto firms The CFTC has issued an enforcement advisory laying out how civil penalties may be reduced when firms self-report violations, cooperate with investigators, and take corrective action. The policy applies across CFTC-regulated markets, including derivatives and digital commodities, and does not create a crypto-specific exemption; incomplete, late, or post-investigation disclosures may receive less benefit.

15:46 Regulation

India’s July 31 tax deadline highlights strict crypto reporting rules

India’s ITR deadline puts crypto reporting in focus India’s July 31, 2026 ITR deadline is approaching, and crypto investors must report all virtual digital asset transactions under Schedule VDA. Profits from selling or transferring crypto and NFTs are taxed at a flat 30%, transactions above the threshold attract 1% TDS, and losses cannot be offset against gains. Wallet transfers between addresses owned by the same person are exempt.

12:19 Regulation

Gate Europe CEO says MiCA costs could force some licensed crypto firms out of the EU

Gate Europe warns MiCA costs may squeeze some licensed crypto firms Gate Europe director Giovanni Cunti said some MiCA-licensed crypto companies in Europe may struggle to sustain the bloc’s compliance costs, arguing the stricter regime makes it harder for new entrants to compete and could push startups to launch elsewhere. ESMA’s register now lists 294 authorized crypto-asset service providers after 14 new additions, as the market shifts from thousands of operators to hundreds.

11:50 Regulation

Pakistan sets up FIA crypto unit as broader virtual asset rules take shape

Pakistan’s FIA launches crypto crime unit amid exchange licensing push Pakistan’s Federal Investigation Agency has created a dedicated cryptocurrency investigation unit within its National Command and Control Centre to target money laundering and terrorism financing tied to virtual currencies, while the Pakistan Virtual Assets Regulatory Authority oversees licensing and regulation. FIA official Dr Muhammad Athar Waheed said the NC3 will combine AML and crypto-investigation desks with Interpol coordination, cyber patrolling and dark web probes.

08:47 Regulation

South Korea says it is coordinating to block unregistered overseas crypto operators

South Korea moves to block illegal overseas crypto operators South Korea’s Financial Services Commission said July 21 it is working with the Korea Communications Standards Commission to block access to unregistered overseas virtual-asset operators, citing money-laundering risks and the need to protect domestic users. The FSC denied the two agencies had delayed reviews or shifted responsibility, after local media reported illegal exchanges were being left unchecked.

07:19 Regulation

UK Parliament investigates banks’ treatment of crypto businesses and payment limits

UK Parliament opens inquiry into banks’ treatment of crypto firms A cross-party group of UK lawmakers has launched an inquiry into whether banks have unfairly denied crypto firms access to banking services, closed accounts, or imposed disproportionate limits on crypto-related payments. The review will collect evidence from banks, fintechs and digital asset companies before issuing recommendations to the government, as the UK continues building its digital asset rules.

07:16 Regulation

Russia Set for Final Vote on Crypto Trading Rules While Keeping Payment Ban

Russia to vote July 21 on regulated crypto trading framework Russian lawmakers are set to hold a final vote on July 21 on a bill that would legalize regulated cryptocurrency trading under Bank of Russia oversight while keeping crypto banned for domestic payments. The draft would let licensed exchanges, brokers and custodians operate, cap non-qualified investors at 300,000 rubles a year, and expand the use of digital assets for cross-border settlements. If passed, it could take effect on September 1.

04:01 Regulation

Vietnam sets fines and suspensions under pilot crypto market decree

Vietnam sets crypto fines and license suspensions under pilot market rules Vietnam has issued Decree No. 284/2026/NĐ-CP, imposing penalties across its pilot crypto market framework from Sept. 1, 2026, including fines of up to VND200 million for organizations and VND100 million for individuals, license suspensions, asset confiscation, and 1–12 month operating bans for violations such as unlicensed crypto activity, reporting failures, and AML/CTF breaches. The rules also require issuers and service providers to be licensed, fine retail investors for trading outside licensed platforms, and mandate refunds or repayment of illegal profits within set deadlines.

01:30 Regulation

BSP reviews remaining InstaPay fees after banks move to free transfers

BSP reviews GCash, Maya and others over remaining InstaPay fees The Bangko Sentral ng Pilipinas is checking whether financial institutions and e-wallet operators still charging for InstaPay transfers comply with Circular No. 1238, after providers including GCash and Maya cut fees to ₱10 but did not remove them. Deputy Governor Mamerto Tangonan said firms were asked to submit cost breakdowns to justify charges beyond minimal switch costs of about ₱1.50, and penalties remain possible after the review.