BSP Grants VASP Status to GoTyme, Removes Appsolutely (Loyalcoin), 3 Other Firms in Crypto License List

In an October 2024 update, the Bangko Sentral ng Pilipinas (BSP) updated its Virtual Asset Service Providers (VASPs) license list, adding a digital bank while removing four firms, including the VASP license holder of the company related to the once popular cryptocurrency called Loyalcoin.

What’s the significance: This increased the number of licensed virtual asset services providers to 14, although most of these licensed holders are currently not operating and/or inactive.

• Read our updated list: List of Licensed Virtual Currency Exchanges in the Philippines

GoTyme Now Has VASP License

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

• As of this writing, GoTyme is still not releasing its official statement nor future plans on how it will utilize the VASP license. 
• Zoom Out: This year, the digital 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. 
• Currently, BSP tagged GoTyme as an inactive and not yet operational VASP alongside UnionBank of the Philippines:

• Read more: GoTyme Bank profile in our Digital Bank article.

Entities That No Longer Has VASP Licenses

Along with this update is the removal of other firms that previously have licenses:

Appsolutely

In 2020, Appsolutely Inc. received the approval from the central bank to operate as a Remittance and Transfer Company (RTC) with Virtual Currency Exchange (VCE) Service.

• In 2018, it announced multiple partnership, including with Cebu Pacific, and Lazada. (See outdated list of Loyalcoin partners)
• It also inked a partnership with 7-eleven and Cryptopia, which was then a New Zealand-based crypto exchange that got hacked in 2019.
• In 2019, it released “Pensionado Card”.
• The firm previously said to BitPinas that it is the Philippine-based company partner of  LoyalCoin, a blockchain-based rewards system where users earn points from participating merchants. 
• In a 2023 update, the BSP tagged Appsolutely as an inactive and non-operational VASP.

Atomtrans Tech

• In 2021, Atomtrans had a partnership with London-based blockchain technology company Coinfirm which is focused on strengthening the security and transparency of the VASP.
• Atomtrans stopped its operations in January 2022. 
• In a 2023 update, the BSP tagged Atomtrans as an inactive and non-operational VASP.
• Read more: BSP Monetary Board Cancels Atomtrans Crypto Exchange (VASP) License 

i-Remit

I-Remit or IRemit is a VASP focused on fund transfers and remittances for Overseas Filipino Workers that started its operations in the country as early as 2001.

• The firm received its Electric Money Issuer (EMI) license in 2019 and the VCE license in 2020.
• The company has multiple auxiliary services and has wholly-owned subsidiaries like I-Remit Australia and I-Remit Japan. 
• In December 2019, it expanded and operated in 23 countries.
• In a 2023 update, the BSP tagged I-Remit as an inactive and non-operational VASP.

Philbit Money Changer and Remittance Services Inc (PHILBIT)

It is a VASP that expressed its plans to offer a mobile application that will allow users to offer 850 digital currencies. 

• The firm is said to focus on money changing and remittance services. 
• In a 2023 update, the BSP tagged Philbit as an inactive and non-operational VASP.

Zooming Out: The BSP is not accepting applicants for VASP license at the moment,

The pause in applications will be lifted in 2025.

• Read more: Breaking News: Infrawatch Presses SEC to Shut Down Bitget, OKX for Illegal Crypto Ops in the Philippines
• Regulate or Restrict? Salceda’s Tax Plan vs. Infrawatch’s Push to Ban Unregulated Exchanges

This article is published on BitPinas: Cleanup: BSP Grants VASP Status to Gotyme, Cancels Licenses of Four Crypto Firms

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