The Bangko Sentral ng Pilipinas (BSP) has revised its list of registered Virtual Asset Service Providers (VASPs), removing two entities—Bloomsolutions, Inc. (BloomX) and XenRemit, Inc.—from its roster.
Changes in the VASP Landscape
The latest update reveals six active non-bank VASPs, among them Betur Inc. (Coins.ph), Maya Philippines, Inc., Moneybees Forex Corp., Philippine Digital Asset Exchange (PDAX), TopJuan Technologies Corporation, and WIBS PHP, Inc. Only one non-bank VASP, Direct Agent 5, is listed as inactive.
BloomX announced the closure of its app due to increasing competition in the retail crypto market.
Israel Keys, CEO of BloomX
The BSP's updated directory now includes active bank VASPs, namely GoTyme Bank Corporation and Union Bank of the Philippines, Inc.
Insights on Removed Firms
BloomX operated as a crypto exchange focused on over-the-counter trading and remittance. The firm suspended deposit functions in July 2023 and halted trading in August 2023, citing market competition.
XenRemit, a subsidiary of Xendit Group, was registered as a VASP in April 2023. The company also holds a Certificate of Registration as a Remittance and Transfer Company but has now lost its VASP status.
Implications for the Crypto Market
The removal of these two firms from the BSP's VASP list reflects ongoing regulatory scrutiny in the Philippine crypto landscape. As the market evolves, regulatory bodies continue to assess compliance and operational viability of service providers.
This decision may impact consumer choices and competition among remaining VASPs, necessitating adjustments in business models to adapt to regulatory expectations.