The Monetary Board, the policy-making body of the Bangko Sentral ng Pilipinas (BSP), has revoked the registration of ATOMTRANS TECH CORP., one of the virtual asset service providers (VASP) in the country.

The cancellation of the license that allows ATOMTRANS to deal with virtual currency transactions was articulated in Resolution NO. 145.A dated February 1, 2024 and publicly announced on March 25, 2024.

ATOMTRANS License Revocation

ATOMTRANS was previously authorized to operate as a Remittance and Transfer Company with a Type “A” Remittance Agent along with Virtual Currency Exchange service, now broadly classified under the Virtual Asset Service Provider (VASP) framework.

Read more: How to Get a VASP License in the Philippines for Crypto Exchanges

The revocation stated non-compliance with regulatory standards set forth in Section 902-N, as amended by Circular No. 1108 dated January 26, 2021, in relation to Section 901-N of the Manual of Regulations for Non-Bank Financial Institutions.

What is Secton 902-N and 901-N?

• Section 901-N within the BSP’s regulations outlines the comprehensive requirements for entities seeking to operate as VASPs such as Certificate of Authority, adherence to specific capitalization standards, and compliance with a range of operational and reporting obligations.
• It mandates robust internal controls, including anti-money laundering measures, consumer protection guidelines, and risk management protocols for technology and outsourcing.
• Additionally, the section specifies sanctions for non-compliance.
• Section 902-N, as detailed in Circular No. 1108, significantly amends the guidelines for VASPs replacing the previous section on Virtual Currency Exchanges.

Previous ATOMTRANS articles on BitPinas:

BSP has cancelled VASPs licenses previously

This is not an isolated cancellation incident in the BSP’s oversight activities.

The Monetary Board has taken similar actions against other VASPs. On December 2, 2023, BEXPRESS, INC saw the cancellation of its VASP license over concerns on regulatory adherence.

Another notable case involved Coinville Phils., Inc., which had its license revoked in the same month as BEXPRESS, after being tagged as inactive/non-operational in the Central Bank’s August 2023 VASP list.

Read more: List of Licensed Virtual Currency Exchanges in the Philippines

Coinville’s last known activity in its social media pages dated back to 2021.

Meanwhile, Rebittance Inc, one of the first two licensed VASPs in the Philippines, voluntarily returned its license last year. The company willingly withdrew its VASP license and one of the reasons for the company’s shutdown is an unfulfilled acquisition deal with Genesis Block, one of the firms affected by the collapse of FTX.

This article is published on BitPinas: BSP Monetary Board Cancels Atomtrans Crypto Exchange (VASP) License

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• Source: https://bitpinas.com/regulation/bsp-atomtrans-vasp/