The Monetary Board, the policymaking body of the Bangko Sentral ng Pilipinas (BSP) has 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 matters: The BSP has cancelled multiple crypto exchanges licenses in the past year alone, with ETranss being the latest one. (Read more: List of Licensed Virtual Currency Exchanges in the Philippines
Details:
- The Monetary Board, in Resolution No. 1148 dated 3 October 2024, approved the cancellation.
- ETRANSS was found to have violated Section 902-N, as amended by BSP Circular No. 1108 (2021), in connection with Section 901-N of the Manual of Regulations for Non-Bank Financial Institutions (MORNBFI).
- The decision was announced on 3 January 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 most recent cancellation by the BSP for compliance violations. In December 2024, FIL-EXPRESS INTERNATIONAL REMITTANCE & DELIVERY SERVICES, INC. lost its registration for breaching Section 901-N of the MORNBFI as a Money Service Business.
Zoom out: The BSP has recently been very active in publishing policy statements when it comes to licensed crypto exchanges.
- Last month, the BSP expanded its digital regulatory platform for VASPs to enhance cybersecurity and streamline compliance.
- In another memorandum, it will be requiring licensed VASPs with more reporting submissions, including submitting Audited Financial Statements audited by BSP-approved external auditors.
- It removed Appsolutely, the Philippine partner of Loyalcoin, a once popular token, in its list of licensed VASP last October.
- In the same update, BitPinas found out that fintech company GoTyme has secured its own VASP license, opening potential for future crypto functions in the GoTyme app.
Meanwhile, BSP also announced the completion of Project Agila, its pilot initiative to roll out central bank digital currency or CBDC in the future.
What’s next: Starting January 2025, all reports must go through BSP’s new online portal. For the first half of 2025, companies can still use the current system while they adjust.
This article is published on BitPinas: Monetary Board Cancels Crypto Exchange License of ETRANSS
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