Bangko Sentral Suspends Virtual Asset Service Provider Apps – Bitcoin Magazine

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  • The Central Bank of the Philippines will not accept applications from virtual asset service providers for a period of three years.
  • The bank claims that institutions pose a variety of risks to financial stability.
  • Previously existing service providers could still expand operations and continue to operate based on regulatory compliance.

Bangko Sentral, the central bank of the Philippines, will close the door to all Virtual Asset Service Providers (VASPs) seeking a license to operate in the country starting September 1, per Advertising from the bank.

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