The Bangko Sentral ng Pilipinas (BSP) rejected the registration of AtomTrans Tech Corp. to operate as a remittance and virtual asset service provider (VASP).

The BSP strictly evaluates VASPs and monitors them, along with intergovernmental organization Financial Action Task Force, as some claim they are being used for scams, money laundering or terrorist activities.

In a statement, the BSP said the policy-making Monetary Board canceled the firm’s certificate of registration through its Resolution 145.A dated 1 February.

The BSP failed to give a specific reason for its decision against AtomTrans as of the writing of the article.

VASPs are governed by Section 901-N of the Manual of Regulations for Non-Bank Financial Institutions of the BSP.

Other VASPs banned

The manual covers rules on capitalization, scope of products and services, technology outsourcing and cybersecurity, government fees, customer identification and reporting of transactions to the BSP.

Last year, the BSP also canceled the certificate of registration of other VASPs, namely Coinville Phils. Inc. and Bexpress Inc.