BlockShoals: BSP updated on planned VASP tie-up under crypto sandbox

Insider Spotlight

• BlockShoals said it met with BSP officials in late May to provide an update on its planned partnership with a BSP-regulated Virtual Asset Service Provider.
• The company said the VASP arrangement has always been part of its SEC-approved StratBox testing plan submitted in 2025.
• A VASP partner has already been selected, with due diligence and onboarding processes now underway.

The local partner of global cryptocurrency giant Binance said it updated regulators in late May on its progress toward partnering with a Bangko Sentral ng Pilipinas (BSP)-regulated Virtual Asset Service Provider (VASP), underscoring that the arrangement has long been a core component of its approved regulatory testing framework.

In a statement on Friday, June 12, 2026, BlockShoals Technologies Inc. disclosed that it participated in an official meeting on May 29 with the Securities and Exchange Commission (SEC) and the BSP’s Technology Risk and Innovation Supervision Department (TRISD), where it informed regulators that it was finalizing an agreement with a BSP-accredited VASP partner.

Why it matters

The meeting highlights ongoing coordination between regulators and crypto industry participants operating under the SEC’s Strategic Sandbox, or StratBox, framework. BlockShoals said the planned VASP partnership was not a new initiative but a requirement built into its approved testing program.

“It has always been the plan for BlockShoals and Binance to work with a VASP regulated by the BSP wherever this is required. This is part of BlockShoals’ testing plan, which was submitted to and approved by the SEC under its StratBox Framework in November 2025,” BlockShoals Technologies head of legal and director Marie Antonette Quiogue said.

Marie Antonette Quiogue

The BlockShoals legal chief said the fintech firm is keeping regulators abreast of its rollout plan and is fully compliant with all requirements.

What regulators were told

According to the company, BSP officials were informed during the May 29 meeting that BlockShoals had already selected a VASP partner and was in the process of completing the necessary due diligence before formal onboarding and integration.

“In that meeting, when asked by the BSP, we informed them that we are finalizing its agreement with a BSP-accredited VASP partner, which is a step that is a built-in requirement of its approved testing plan and expressly required under its Notice to Proceed,” Quiogue said.

The company added that the selected partner is undergoing final compliance checks and that the partnership will be publicly announced once implementation begins.

The bigger picture

BlockShoals said it remains under the SEC’s direct supervision throughout the StratBox testing period and welcomes coordination between the SEC and BSP as the agencies oversee separate but complementary aspects of digital asset regulation.

BlockShoals is the SEC-approved Crypto Asset Intermediary through which Binance products and services are made available in the Philippines. The company said it remains committed to regulatory compliance, consumer protection, and investor safeguards as it advances its sandbox operations.

— Edited by Daxim L. Lucas