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Philippines Is Set to Pause Providing Virtual Asset Provider Licenses

Philippines Is Set to Pause Providing Virtual Asset Provider Licenses

An island country in Southeast Asia decided to slam on the breaks for registering new virtual asset service provider companies. 

The Philippines Central Bank, also known as Bangko Sentral ng Pilipinas (BSP), has announced its plans to halt new virtual asset service provider (VASP) applications

According to the memorandum shared on August 10th, the Bank is determined to launch this regulation starting September 1st and call it off after 3 years

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The Bango Sentral notes that it is a necessary step needed to balance out the implementation of new innovations and make sure that any arisen risks are manageable

The Bangko Sentral recognizes that as VAs offer opportunities to promote greater access to financial services at reduced costs, they also pose varied risks that may undermine financial stability.

It is worth noting that the 3-year hold could be shortened due to market changes and its development

The memorandum states that applications, which have been completed, or will reach Stage 2 by the end of August, will continue to be processed to give companies a virtual asset provider license. However, applications that didn’t meet the issued requirements until August 31st will be rejected. 

The Central Bank highlights that BSP Supervised Financial Institutions (BSFls) can still apply for licenses to offer VASP services at any point. However, these companies will have to provide a “Supervisory Assessment Framework (SAFr) composite rating”, which proves that the firm is stable. 

According to sources, currently, at least 19 crypto companies are waiting for approval to function in the Philippines, including Binance. 

In June, the crypto exchange CEO Changpeng Zhao announced the company's plans to expand its services to the Philippines. Binance aimed to receive VASP and e-money issuer (EMI) licenses

Gile K., Market Sentiment Analyst
Gile is a Market Sentiment Analyst who understands what public events may form what emotions. Her experience researching Web3 news and public market messages – including cryptocurrency news reports, PRs, and social network streams – is critical to her role in helping lead the Crypto News Editorial Team.
As an intelligent professional in public relations, together with the team, she aims to determine real VS fake news patterns, and bring her findings to anyone searching for unbiased news and events happening in the FinTech markets. Her expertise is uncovering the latest trustworthy & informative Web3 announcements to the masses.
When she's not researching the trustworthiness of mainstream stories, she spends time enjoying her terrace view and taking meticulous care of her outdoor environment.

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