The Bangko Sentral ng Pilipinas (BSP) has officially approved GoTyme Bank to operate as a Virtual Asset Service Provider (VASP). This significant milestone allows GoTyme to explore the potential of offering digital asset services to its customers.

Following in UnionBank’s Footsteps

GoTyme’s approval comes after UnionBank received similar authorization in November of the previous year. Both banks are now positioned to enter the digital asset space, but records from the BSP show that they have yet to begin active operations as VASPs.

While the approval is a step forward, GoTyme has not yet provided a formal statement regarding its plans as a VASP. The bank is likely focusing on developing the necessary infrastructure and compliance frameworks to ensure a successful launch of its digital asset services.

A Growing Trend in the Philippines

The approval of GoTyme and UnionBank reflects a growing trend in the Philippines toward the integration of digital assets into the banking system. As the landscape continues to evolve, consumers can expect more innovative financial services in the near future.