Scribd
Upload
161 views1 page

BSP Memorandum No. M-2022-035

The Bangko Sentral ng Pilipinas approved a modified approach to granting new Virtual Asset Service Provider (VASP) licenses. The regular application window for new VASP licenses will be closed for three years to balance innovation and financial stability risks. Existing applications by September 1, 2022 will be processed, while incomplete applications will be returned. Existing financial institutions can still apply if they meet certain criteria regarding risk management and consumer protection.

Uploaded by

Gleim Brean Eran
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as PDF, TXT or read online on Scribd
161 views1 page

BSP Memorandum No. M-2022-035

The Bangko Sentral ng Pilipinas approved a modified approach to granting new Virtual Asset Service Provider (VASP) licenses. The regular application window for new VASP licenses will be closed for three years to balance innovation and financial stability risks. Existing applications by September 1, 2022 will be processed, while incomplete applications will be returned. Existing financial institutions can still apply if they meet certain criteria regarding risk management and consumer protection.

Uploaded by

Gleim Brean Eran
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as PDF, TXT or read online on Scribd

BANGKO SENTRAL NG PILIPINAS

OFFICE OF THE COVERNOR

M EMORAN DU M NO. M-2O22.O35

To : All Applicants for an Authority to Operate as a Virtual Asset


Service Provider (VASP)

Subject : Modified Approach in the Grant of VASP Licenses

The Monetary Board, in its Resolution No.'l'l4l dated O4 August 2022, approved
a modified approach in the grant of new Virtual Asset Service Provider (VASP) licenses.

The Bangko Sentral aims to strike a balance between promoting innovation in


the financial sector and ensuring that associated risks remain within manageable levels.
In this light, the Bangko Sentral recognizes that as VAs offer opportunities to promote
greater access to financial services at reduced costs, they also pose varied risks that may
undermine fi nancial stability.

In this regard, the regular application window for new VASP licenses shall be
cfosed for three (3)years, starting OI September2o.22, subject to re-assessment based
on market developments.

Applications that have completed/passed Stage 2 of the licensing process on or


before 3l August 2022will be processed and assessed for completeness and sufficiency
of documentationlnformation submitted, as well as compliance with the licensing
criteria to operate as a VASP hased on Stage 3 requirements. Applications with
incomplete requirements as of 3l August2022 will be returned and tagged as "closed".
The Bangko Sentralwill no longer process these applications further.

Meanwhile, existing BSP Supervised Financial Institutions (BSFls) who wish to


expand operations by offering VASP services, including non-custodial VASPs who wish
to offer safekeeping and/or custodial services, may still apply for a VASP license provided
that they have a Supervisory Assessment Framework (SAFr) composite rating of at least
"stable'r. Due consideration shall be given to the BSFI's risk management systems
including its client suitability assessment and onboarding processes, as well as financial
consumer education and awareness programs in the evaluation of its application.

For guidance and implementation.

G. FONACIER

l0 August?.O2}

rln lieu of the SAFr composite rating, the CAMELS composite rating of at least 3'shall be used. lf neither a SAFr nor CAMELS
rating is available, any equivalent assessment that satisfies the descriptive criteria of SAFr composite rating 3 - Stable' may
be used.

Page I ofl

You might also like