BSP Cancels VASP License of Early Crypto Exchange
It's not what you think!
GM. Today we’ll be talking about an early licensed crypto exchange in the Philippines that had its licensed revoked. But before that:
I would like to invite you into our upcoming webcast (all times in UTC +8) where we will discuss and dissect the SEC-proposed draft rules for cryptocurrency.
Onwards to today’s crypto news!
Market Analysis and Updates 📈
Here are the crypto highlights of the day:
Crypto Price Update:
Bitcoin (BTC): $101,896, up 2.8% over the last 24 hours.
Ethereum (ETH): $3,674.27, up 0.8% over the last 24 hours.
Solana (SOL): $216.56, up 1.1% vs the previous day.
For the daily price update, check out our post on Facebook.
Feature: BSP Cancels VASP License of Early Crypto Exchange
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 license as a Money Service Business.
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.
Check out the full article here.
Philippine Crypto News 🇵🇭
MetaGaming Guild announced the completion of the distribution of tokens from the recent $50k $MGG airdrop.
CoinEx Filipino shared photos from its sponsored New-Year Criterium Bike Race at Bañadero Baywalk, Tanauan City.
Bitpinas article: The Philippine web3 community shared their opinion on the recently released SEC draft CASP rules.
Noteworthy 🌟
Key updates and announcements from around the crypto and blockchain world:
AI models predicted significant price increases for major cryptocurrencies like Bitcoin, Ether, Solana, and XRP by 2025.
Garanti BBVA, Turkiye's fifth-largest bank, will launch its crypto trading service, Garanti BBVA Kripto, allowing customers to buy and sell cryptocurrencies legally.
Metaplanet Inc., a Tokyo-based investment firm, plans to increase its Bitcoin holdings by 470% in 2025, aiming to reach 10,000 BTC.
Educational Corner 🎓
To get up to date to the latest crypto regulations in the country, check out BitPinas Key Takeaways on the draft of the “SEC Rules on Crypto-Assets Service Providers”.
The SEC is seeking public feedback on its proposed rules until January 18, 2025 via email or mail.
Regulation Watch 📜
Stay informed about the latest regulatory updates and what they mean for you:
Pro-crypto lawyer John Deaton calls for a congressional investigation into the FDIC's alleged politically motivated attempts to marginalize the crypto industry.
Binance received approval from Brazil's Central Bank for its acquisition of a broker-dealer.
UK’s Financial Conduct Authority (FCA) struggles with crypto ad regulation, issuing over 1,700 alerts in 2023-2024, as it prepares a new regulatory framework for 2025.
Community Spotlight 🔦
Meet Carlos Tapang (LinkedIn): He is actively involved in the cryptocurrency community in the Philippines and abroad.
Tapang is the Founder and CEO of RockStable, a company focused on developing stablecoins.
He previously shared his insights on various topics, including the benefits of peso-backed stablecoins and their potential to enhance financial inclusion and reduce remittance fees.
More Web3 and AI News 💡
Discover the latest in web3 and AI innovation.
JAN3 raised $5 million in seed funding, to accelerate the development of its AQUA Bitcoin wallet.
Coinbase acquired BUX's Cyprus unit, rebranding it as Coinbase Financial Services Europe, to expand its European presence and comply with MiCA regulations.
Phantom crypto wallet denied rumors of an upcoming token launch, stating it has no plans for an airdrop, while also announcing support for the Sui blockchain.
Web3 Gaming Section 🎮
The future of web3 is gaming, and here are the latest news.
Hamster Kombat is expanding to HamsterVerse, a new entertainment ecosystem, and launching a layer-2 network on TON blockchain.
Mythical Games plans to launch Pudgy Party and FIFA Rivals in 2025 while expanding its blockchain presence on Polkadot.
Ubisoft's Captain Laserhawk: The G.A.M.E.uses NFTs, requiring players to buy ID cards, angering gamers over its blockchain integration.
Event Announcements 📅
Don’t Miss Out: Upcoming events, webinars, and meetups in the crypto space!
Polkadot Philippines Hackathon 2025 - Bootcamp Kickoff: January 11, 2025
Cebu Blockchain Conference: January 17-18, 2024
IRL BitBulaga: January 25, 2025
The Age of Play: Fan Engagement Supercharged⚡Manila Edition: February 21, 2025
Stay Connected:
Follow us on Twitter 🐦
Check us out on Facebook!
Join our Telegram group for real-time discussions!
We’d love to hear from you! Reply with your thoughts or questions.