In a move that underscores its commitment to stricter regulation of the digital-asset ecosystem, the Bangko Sentral ng Pilipinas (BSP) has permanently withdrawn the registration of ABA Global Philippines, Inc., trading as COEX STAR, as a remittance and virtual asset service provider (VASP).
The decision, affirmed by the BSP’s Monetary Board, signals a clear message that non-compliance will not be tolerated under the central bank’s oversight framework.
This development has important implications not only for COEX STAR and its customers but also for how investors, platforms, and regulators will operate within the Philippines’ growing crypto and fintech landscape.
BSP’s regulatory action and its basis
The BSP’s decision targets COEX STAR’s Certificate of Registration as a Type “B” remittance agent offering virtual currency exchange services—now formally classified as a Virtual Asset Service Provider (VASP).
By annulling the license, COEX STAR is no longer authorized to operate remittance or virtual-asset exchange services under BSP supervision, marking a definitive end to its regulated operations in the country.
This move reflects the BSP’s readiness to enforce its compliance framework and highlights the regulator’s firm stance on governance, risk management, and operational integrity within the digital finance ecosystem. It also serves as a reminder that acquiring a license is only the beginning—maintaining it requires consistent adherence to regulatory standards.
Impacts on the crypto-fintech landscape
For COEX STAR’s existing users, the cancellation means the platform can no longer legally operate under BSP regulation—raising concerns over asset protection, continuity of service, and user recourse.
For the broader industry, this move underscores that even licensed VASPs must maintain transparency, financial soundness, and operational accountability, or face revocation. The message is clear: regulatory leniency has its limits, especially in sectors involving consumer funds and cross-border transactions.
From an investor’s standpoint, this action invites renewed scrutiny of a platform’s compliance status, governance practices, and risk management. As trust becomes the ultimate currency in fintech and crypto, regulatory enforcement like this could foster higher standards and healthier competition among market players.
What this means going forward
As the crypto-asset ecosystem in the Philippines matures, the BSP’s decisive action may prompt other VASPs to reassess their governance, anti-money laundering (AML), and consumer protection frameworks. Platforms are likely to strengthen internal controls and compliance systems to avoid similar sanctions.
Investors, meanwhile, may start to prioritize platforms with clear regulatory credentials and strong operational transparency. This shift could encourage a safer and more sustainable digital-asset environment overall.
For startups and aspiring VASPs, the takeaway is straightforward: regulatory approval is just the starting line. Sustaining compliance, ensuring user safety, and demonstrating business integrity are what will determine long-term survival and success in the market.
The BSP’s action against COEX STAR represents more than just a regulatory crackdown—it’s a wake-up call for the entire industry. It reinforces that the Philippine central bank is serious about building a secure, transparent, and credible crypto environment. For users and businesses alike, the event underscores one key lesson: in the rapidly evolving world of digital finance, compliance is not optional—it’s fundamental to earning and keeping public trust.
