The Bangko Sentral ng Pilipinas (BSP) is awaiting receipt of documents from e-currency platform Lyka following its decision to apply as a regulated financial entity.

BSP wants Lyka to register as OPS before lifting CDO

BSP told Lyka in July to stop offering its Gems as a mode of payment in the Philippines upon discovery that the company doesn’t have authorization to operate.

Lyka Gems are viewed as currency, which are accepted as a form of payment in identified partner institutions. People earn credits by posting content and photos on the platform.

Lyka to customers, partners amid suspension order: ‘Relax, we got this’

“The Bangko Sentral ng Pilipinas welcomes the reported decision of Lyka/Things I Like Company Ltd (TIL) to apply for registration as an Operator of Payment System under Philippine Laws and regulations,” it said in a Friday (Oct. 15) statement.

“As of date, the BSP has yet to receive the appropriate application-related documents from Lyka/TIL,” the central bank added.

Ryan Baird’s Lyka app halted, told to register with BSP

Lyka first tried to sign up with government regulators through a different entity called Digital Spring Marketing and Advertising Inc. However, the BSP found this unacceptable, as it should be Lyka, also known as Things I Like Co. Ltd., directly talking to the BSP.

The post Doing things right: BSP welcomes plan of Lyka Gems operator to register as financial firm first appeared on Bilyonaryo Business News.



Doing things right: BSP welcomes plan of Lyka Gems operator to register as financial firm
Source: Filipino Daily Inquirer