The Monetary BoardThe policymaking body of the Bangko Sentral ng Pilipinas (BSP) canceled the Certificate of Registration of ETRANSS INTERNATIONAL REMITTANCE CORP. to operate as a Type “A” Remittance Agent with Virtual Asset Service Provider (VASP) functions.
Why it is important: The BSP has canceled multiple crypto exchange licenses in the last year alone, with ETranss being the latest. (Read more: List of authorized virtual currency exchange houses in the Philippines
Details:
- The Monetary Board, through Resolution No. 1148 dated October 3, 2024, approved the cancellation.
- ETRANSS was found to have violated Section 902-N, as amended by BSP Circular No. 1108 (2021), in relation to Section 901-N of the Regulation Manual for Non-Bank Financial Institutions (MORNBFI).
- The decision was announced on January 3, 2025.
- ETranss previously received its license in July 2018. (Read more: Tim Ying, GOW Exchange, [PH 2019 Crypto & Blockchain Year in Review])
Context: This is the latest cancellation by the BSP for compliance violations. In December 2024, FIL-EXPRESS INTERNATIONAL REMITTANCE & DELIVERY SERVICES, INC. lost its registration for violating Section 901-N of the MORNBFI as a Money Services Company.
Remove: The BSP has recently been very active in publishing policy statements in regards to licensed crypto exchanges.
- Last month, BSP expanded its digital regulatory platform for VASPs to improve cybersecurity and streamline compliance.
- In another memorandum, it will require authorized VASPs to submit more reports, including the submission of financial statements audited by external auditors approved by the BSP.
- It removed Appsolutely, the Philippine partner of Loyalcoin, a once-popular token, from its list of licensed VASPs last October.
- In the same update, BitPinas discovered that fintech company GoTyme obtained its own VASP license, opening up potential for future crypto features in the GoTyme app.
MeanwhileBSP also announced the completion of Project Agila, its pilot initiative to implement central bank digital currency or CBDC in the future.
What’s next? Starting January 2025, all reports must go through the new BSP online portal. During the first half of 2025, companies will still be able to use the current system while they adjust.
This article is published in BitPinas: Monetary Board cancels ETRANSS cryptocurrency exchange license
What else is happening in Crypto Philippines and beyond?
