BSP Warns Public Anew Against Virtual Asset Firms

The Bangko Sentral ng Pilipinas (BSP) on has again issued a warning against transacting with virtual asset service providers (VASPs) that are unregistered and domiciled abroad or unknown foreign virtual asset companies.

Photo Insert: Dealing in virtual assets is generally considered to be high-risk.

The BSP said on Tuesday, Feb. 14, there are only 20 registered VASPs with the BSP as of end-January 2023, of which two are not yet operational and two are inactive. Of the registered VASPs, the BSP also listed four that are not operating at the moment.

In total, of the 20 that did register with the BSP, only 12 are active and in operation as of end-January.

These 12 VASPs are: COEX STAR; Appsolutely; COINS PH; Bexpress; Bloomsolutions; Frenetic; Moneybees Forex; Maya Philippines; Philbit; PDAX; TopJuan; and Zybi Tech.

The BSP also reissued an August 17, 2022, public advisory reminding Filipinos that the BSP will not be able to enforce legal recourse or protect consumers such as redress mechanisms for VASPs based abroad.

Dealing in virtual assets, said the BSP, is generally considered a high-risk activity “which may result in huge financial losses due to price swings.”

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