BSP Removes Two Firms From Registered VASP List

The Bangko Sentral ng Pilipinas (BSP) released an updated directory of registered Virtual Asset Service Providers (VASP), detailing six active non-bank VASPs, one inactive non-bank VASP, and two active bank VASPs operating under central bank supervision.

Current Registered Entities

According to the central bank directory, the active non-bank VASPs comprise Betur Inc. (Coins.ph), Maya Philippines, Inc., Moneybees Forex Corp., Philippine Digital Asset Exchange (PDAX), TopJuan Technologies Corporation, and WIBS PHP, Inc.

Direct Agent 5, which operates under the trade name SurgePay mobile app, is listed as the sole inactive or non-operational non-bank VASP.

GoTyme Bank Corporation and Union Bank of the Philippines, Inc. are designated as the active bank VASPs in the updated listing.

Key Changes and Removed Entities

Bloomsolutions, Inc. (BloomX) and XenRemit, Inc., a subsidiary of Xendit Group, were excluded from the latest central bank VASP roster.

WIBS PHP, Inc., previously listed under inactive non-bank entities in earlier updates, was reclassified as an active non-bank VASP.

Direct Agent 5 was moved to inactive status in the official central bank registry.

What is XenRemit and BloomX

Bloomsolutions, Inc. (BloomX) previously operated as a licensed Philippine crypto exchange specializing in over-the-counter (OTC) trading and remittance services. In March 2021, the firm introduced its retail-focused BloomX app, securing liquidity via a tech agreement with Binance.

In an email sent to customers in July 2023, BloomX Chief Executive Officer Israel Keys announced the app’s closure, citing a surge in competing retail options in the Philippines. Keys noted that deposit functions were suspended on July 24, 2023, and trading halted on August 7, 2023, as the company refocused on its core OTC and remittance operations.

XenRemit, Inc. was added to the BSP’s VASP roster in April 2023 under Xendit Group, a Southeast Asian payment infrastructure firm that raised $538 million in Series D funding in 2022. XenRemit holds a Certificate of Registration as a Remittance and Transfer Company alongside its former VASP status.

This article is published on BitPinas: BSP Removes Two Firms From Registered VASP List

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