REMITTANCE service provider I-Remit Inc. on Friday said that it had received a notice from the Bangko Sentral ng Pilipinas (BSP) denying the company's motion for reconsideration concerning the cancellation of its certification of registration. The company's certificate of registration to operate as a virtual currency exchange, now referred to as a virtual asset service provider (VASP), had been revoked by the BSP due to the non-utilization of the license. VASP refers to any entity that offers services or engages in activities that provides facility for the transfer or exchange of virtual assets (VA) such as Maya and Philippine Digital Asset Exchange (PDAX). I-Remit received its VASP license in 2020. "The corporation assures its stakeholders that this development does not materially impact its primary business operations and remains committed to maintaining regulatory compliance," I-Remit said. I-Remit reported a first-half net loss of P176.66 million this year, wider than the P131.68 million loss incurred a year earlier. Revenues for the period declined by 71.5 percent to P27.1 million from P95 million in 2023 as fewer transactions generated resulted in lower service fees of P18.5 million versus P86.3 million previously. This was brought about by an 81.2-percent plunge in its US dollar remittance volume to $29.2 million in the first six months of 2024 compared to $155.6 million in the same period of 2023. Shares of I-Remit fell by 2.35 percent to P0.249 apiece on Friday. Read The Rest at :