Sunday, March 3, 2024

BSP cancels registration of 2nd virtual asset service provider

The Monetary Board, the policy-making body of the Bangko Sentral ng Pilipinas (BSP), has announced it has annulled the license of Coinville Philippines to operate as a virtual asset service provider (VASP).

While it was only on Monday, Dec. 4, that the BSP issued the announcement on its website, the decision to cancel Coinville’s registration was made by the Monetary Board as early as Sept. 14.

Incidentally, it was also on that same date that the Monetary Board revoked the registration of another VASP, Bexpress Inc. Like in the case of Coinville, the announcement was made public by the BSP on Friday, Dec.1.

According to Sofi.com, a VASP “is a platform used to buy, sell, exchange, or otherwise interact with the cryptocurrency market. In other words, VASPs are crypto exchanges.”

Aside from having the jurisdiction to accredit VASPs, the BSP has the power to regulate VASPs in the following areas:

  • Exchange between one or more forms of virtual assets (VAs);
  • Transfer of VAs; and
  • Safekeeping and/or administration of VAs or instruments enabling control over VAs.

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