The Monetary Commission, the policy-making body of the Bangko Sentral ng Pilipinas (BSP), has revoked the certificate of registration of ETRANSS INTERNATIONAL REMITTANCE CORP. to operate as a Type “A” remittance agent with virtual asset service provider (VASP) capabilities. I did.
Why it matters: The BSP has revoked multiple crypto exchange licenses in the past year alone, with ETranss being the latest. (Read more: List of licensed crypto exchanges in the Philippines
detail:
The Financial Services Commission approved this suspension in Resolution No. 1148 dated October 3, 2024. ETRANSS was found to be in violation of Section 902-N, as amended by BSP Circular No. 1108 (2021), in relation to Section 901-N of the Manual for Regulation of Nonbank Financial Institutions (MORNBFI). This decision was announced on January 3, 2025. ETranss had been licensed in July 2018. (Read more: Tim Ying, GOW Exchange, (PH 2019 Crypto & Blockchain Year in Review))
Background: This is the latest cancellation by BSP for non-compliance. In December 2024, FIL-EXPRESS INTERNATIONAL REMITTANCE & DELIVERY SERVICES, INC. was deregistered for violating Section 901-N of MORNBFI as a Money Services Business.
Zoom out: The BSP has recently been very active in issuing policy statements regarding licensed cryptocurrency exchanges.
Last month, BSP expanded its digital regulatory platform for VASPs to strengthen cybersecurity and streamline compliance. Another memorandum would require licensed VASPs to submit more reports, including submitting audited financial statements audited by BSP-approved external auditors. Last October, it removed Appsolutely, the Philippine partner of once-popular token Loyalcoin, from its list of authorized VASPs. In the same update, BitPinas discovered that fintech company GoTyme has secured its own VASP license, opening up the possibility of future crypto features for the GoTyme app. advertisement
Meanwhile, the BSP also announced the completion of Project Agila, a pilot initiative to deploy a future central bank digital currency (CBDC).
What’s next: From January 2025, all reports must go through the BSP’s new online portal. For the first half of 2025, businesses can continue to use their current systems during adjustments.
This article is published on BitPinas: Financial Services Commission cancels ETRANSS crypto exchange license
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