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VASP Shakeup in the Philippines | Key Points | Weekly News Recap

Photo for the Article - VASP Shakeup in the Philippines | Key Points | Weekly News Recap

GM. Welcome back toย BitPinas Key Points: easily digestible news in concise formats for easy reading. In today’s news feature: our latest story: a new VASP licensee in the Philippines.

Here are the latest crypto news stories in the last 24 hours.


Market Updates ๐Ÿ“ˆ

Here are the crypto highlights of the week:

  • Bitcoin is down 0.4% vs the previous seven days, now at $68,324.27.
  • The weekly top gainer in the top 100 coins isย RAYDIUM ($3.37), up 41.9%.
  • The weekly top loserย in the top 100 is IMMUTABLE ($1.32), down 18.3%
  • Noteworthy: JUP ($1.02) is up 2.2% vs the past week.

Feature Story: VASP Shakeup in the Philippines

Digital bank Gotyme has received a Virtual Asset Service Provider (VASP) license from the BSP.

Photo for the Article - VASP Shakeup in the Philippines | Key Points | Weekly News Recap

The list released by the BSP was based on their TRISD Database and was updated on October 1, 2024.ย 

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As of this writing, GoTyme is still not releasing its official statement nor future plans on how it will utilize the VASP license.ย 

GoTyme is more popular in the Philippines as a digital bank (also licensed). This year, the bank introduced a new feature that allows users to buy U.S. dollars and send it in a time deposit to earn up to 5% annual interest.ย 

Currently, BSP tagged GoTyme as an inactive and not yet operational VASP alongside UnionBank of the Philippines.

Resources in BitPinas that you would like to read:


Local Crypto News ๐Ÿ‡ต๐Ÿ‡ญ

Photo for the Article - VASP Shakeup in the Philippines | Key Points | Weekly News Recap
  • Pinoy-developed Project Selyo wins Metaplex Future of Digital Assets Sidetrack of the Solana Radar Global Hackathon.
  • Ripe also won the Radar Hackathonโ€™s Mercuryo Best Consumer Use Case Sidetrack.ย 
  • Coins.ph partnered with Mastercard and the Stellar Development Foundation to make cross-border crypto remittances better.
  • Web3 Metaversity officially launched during the Open Campus Day.

Noteworthy ๐ŸŒŸ

Key updates and announcements from around the crypto and blockchain world:

  • Sky, formerly MakerDAO, is considering another rebrand after community feedback, with options to retain Sky, revert to Maker, or align the two.ย 
  • Bitcoinโ€™s market capitalization surpassed Ethereum by over $1 trillion.
  • Analysts say that the SEC’s approval of options on spot Bitcoin ETFs is set to increase asset volatility.
  • The number of Bitcoin whales, entities holding at least 1,000 BTC, surged to 1,678, the highest since January 2021.

Educational Corner ๐ŸŽ“

Photo for the Article - VASP Shakeup in the Philippines | Key Points | Weekly News Recap

Regulation Watch ๐Ÿ“œ

Stay informed about the latest regulatory updates from here and around the world and what they mean for you:

  • CFTC Chair Rostin Behnam urged Congress to take action on crypto regulation and election betting.
  • The Cyprus SEC announced that MiCAR regulations for crypto-asset service providers will take effect by December 30, 2024.ย 
  • The SEC added cryptocurrencies, particularly spot Bitcoin and Ethereum ETFs, to its examination priorities for 2025.Nigeria dropped money laundering charges against Binance executive Tigran Gambaryan after over seven months.

Community Spotlight ๐Ÿ”ฆ

The following people were feature in last weekโ€™s community spotlights:

  • Rommel Celestino, content creator, Shun. (October 22)
  • Mark Dave Manansala, Kave Guild. (October 23)
  • Bianca Cruz, Co-lead, Web3 Metaversity (October 24)
  • Jenna Ilao, Co-lead, Web3 Metaversity (October 25)

At the Scene ๐Ÿ“

On the ground activations and more:

Photo for the Article - VASP Shakeup in the Philippines | Key Points | Weekly News Recap

More Web3 and AI News ๐Ÿ’ก

Discover the latest in web3 and AI innovation.

  • Chainlink partnered with financial giants like Euroclear and Swift to automate and standardize corporate actions data using AI and blockchain.
  • Federal Reserve Governor Christopher Waller stated that DeFi should be seen as a complement to traditional finance.
  • Magic Eden added BeraChain and ApeChain, targeting ten supported blockchains by year-end and planning to integrate Monad after its testnet launch.
  • Uniswap Labs introduced a new feature for direct asset transfers across nine blockchain networks.

Web3 Gaming Section ๐ŸŽฎ

The future of web3 is gaming, and here are the latest news.

  • GAM3S Awards voting is now open.
  • Immutable zkEVM launched permissionless deployment, allowing any developer to deploy smart contracts and web3 gaming projects without manual approval.
  • Smash Quest quickly attracted over 1 million players on Telegram within its first week.
  • Tomarket announced its airdrop criteria for the TOMA token launch on October 31.

Upcoming Event ๐Ÿ“…


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