BSP Cancels I-Remit, Inc.'s Virtual Asset Service Provider (VASP) License

I-Remit, Inc. received notice from the Monetary Board (MB) of the Bangko Sentral ng Pilipinas (BSP) regarding the denial of its motion for reconsideration concerning the cancellation of its Certificate of Registration to operate as a Virtual Currency Exchange (VCE), now referred to as a Virtual Asset Service Provider (VASP).

The revocation resulted from the non-utilization of the license. The Corporation assures its stakeholders that this development does not materially impact its primary business operations and remains committed to maintaining regulatory compliance.

Read more about: Why Are Virtual Currencies and Virtual Currencies Exchanges Now Referred To As Virtual Assets And Virtual Asset Service Providers

​I-Remit, Inc. is a company engaged in the business of servicing the remittance needs of overseas Filipinos for 2 decades. It is the only Philippine remittance company publicly listed in the Philippine Stock Exchange. I-Remit operates its own offices in 8 countries and is in partnership with more than 100 financial institutions in 30 countries across the globe.