MANILA, Philippines — BlockShoals Technologies Inc. has clarified that its planned partnership with a Bangko Sentral ng Pilipinas (BSP)-accredited virtual asset service provider (VASP) has always been a key component of its Securities and Exchange Commission (SEC)-approved testing framework, as the company moves forward in the regulator's crypto sandbox program.
In a statement, BlockShoals director Marie Antonette Quiogue emphasized that the company intended to work with a BSP-regulated VASP alongside global cryptocurrency exchange Binance whenever such a partnership was required.
The clarification follows an SEC statement on Thursday, which stressed that BlockShoals' ongoing 90-day integration period should not be interpreted as the launch of public crypto trading activities in the Philippines. The regulator specified that this period is solely for integrating technical infrastructure and systems between BlockShoals and a local BSP-licensed VASP partner.
Under the SEC's Strategic Sandbox (StratBox) framework, BlockShoals is authorized to test trading activities and advanced crypto asset products in a controlled regulatory environment. However, the SEC emphasized that any future public onboarding or participation would still require compliance with regulatory requirements and further approval from the Commission.
BlockShoals noted that the VASP partnership was discussed during an official meeting on May 29, attended by representatives from the SEC and the BSP's Technology Risk and Innovation Supervision Department. "In that meeting, when asked by the BSP, we informed them that we are finalizing an 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 disclosed that it has already selected a VASP partner and that both sides are currently completing due diligence procedures.