The Philippines halts virtual asset provider license applications
Cointelegraph
Published Aug 11, 2022 09:25AM ET
Updated Aug 11, 2022 11:00AM ET
While many believe that the Philippines can become a new crypto hub, that dream may be shattered in the meantime as the country’s central bank announced a 3-year hiatus from accepting new virtual asset service provider (VASP) applications.
According to a memorandum signed by Chuchi Fonacier, a financial supervision official at the Banko Sentral ng Pilipinas (BSP), they aim to balance the promotion of innovation in finance and managing the risks associated with virtual assets (VAs). She wrote:
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