- The Monetary Board of the BSP revoked the registration of Coinville Phils., Inc. to operate as a Remittance and Transfer Company with a Type “A” Remittance Agent with Virtual Asset Service Provider.
- In the August 2023 List of the Central Bank, Coinville was classified as an inactive/non-operational, non-bank VASP.
- Coinville secured its VASP license in 2019 but its last activity on its Facebook Page was in 2021.
The Bangko Sentral ng Pilipinas has canceled the Certificate of Registration of Coinville Phils., Inc. to operate as a Remittance and Transfer Company with a Type “A” Remittance Agent with Virtual Currency Exchange service, now referred to as Virtual Asset Service Provider (VASP).
Read more articles about VASP:
Coinville’s VASP License Revocation
According to the central bank, the revocation of the VASP license, which allows financial firms to legally engage in crypto-to-fiat transactions, of Coinville is “pursuant to Section 902-N, as amended by Circular No. 1108 dated 26 January 2021, in relation to Section 901-N of the Manual of Regulations for Non-Bank Financial Institutions.”
The cancellation of the said license was approved in Resolution No. 1211 dated September 14, 2023, by the Monetary Board, the highest policy-making body of the BSP that is responsible for setting the direction and policies on monetary and banking matters in the Philippines.
Coinville’s Facebook Page has 316 followers and the last activity was in March 2021.
Other VASP License Holders
This is not the first time that a VASP license of an entity has been revoked by the Monetary Board before 2023 ends.
On September 14, the policy-making body also canceled the VASP license of Bexpress, Inc., which operates under the name of Bexpro and also operates as a Type “A” Remittance Agent with VASP.
In August 2023 List of VASPs in the country, Bexpress was listed as an operational, non-bank VASP while Coinville was listed as inactive, non-bank VASP.
This makes the number of licensed VASPs in the country to 17, including:
- Operational, Non-Bank VASPs
- ABA Global Philippines, Inc., under the trade name of COEX STAR
- Betur Inc., doing business under the name and style of COINS.PH
- Bloomsolutions, Inc.
- Direct Agent 5, also doing business under the name and style of SurgePay mobile app
- Moneybees Forex Corp.
- Maya Philippines, Inc.
- Philippine Digital Asset Exchange (PDAX)
- TopJuan Technologies Corporation
- XenRemit, Inc.
- Zybi Tech, Inc., doing Business under the name and style of Juan Cash
- Inactive/Non-Operational, Non-Bank VASPs
- Appsolutely, Inc.
- Atomtrans Tech Corp.
- Etranss Remittance International Corp.
- i-Remit, Inc.
- Philbit Money Changer and Remittance Services, Inc.
- WIBS PHP, Inc.
- Non-Operational, Bank VASP
- Union Bank of the Philippines, Inc.
Coinville’s Introduction to the Philippines
Coinville secured its VASP license in 2019. In an exclusive interview with BitPinas that year, then Coinville representative Jung Hun Park shared the firm’s plans plans in the Philippine market, such as launching PHP trading pairs and introducing more blockchain projects to the country.
“We believe the Philippines has world’s best potential to make real practical use cases (for blockchain and cryptocurrency). For instance, the users can save a lot in remittance by using virtual currency. Coinvil provides more economic, convenient, and safe services using blockchain,” he explained.
This article is published on BitPinas: BSP Lifts VASP Crypto License of Coinville, 2nd Canceled License This Quarter
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