BlockShoals selects VASP partner

MANILA, Philippines — BlockShoals Technologies Inc. said it has selected a virtual asset service provider (VASP), with onboarding and integration set to begin once the partnership is formally in place.

In a statement, BlockShoals said the company and its VASP partner are now completing the required due diligence.

BlockShoals head of legal and director Marie Antonette Quiogue said it is important for the company to work with a partner that is “properly regulated, has strong compliance systems and is committed to investor protection.”

Under its approved testing plan with the Securities and Exchange Commission (SEC), the company is required to integrate with a VASP licensed by the Bangko Sentral ng Pilipinas (BSP).

Having a BSP-accredited VASP partner is a built-in requirement of its approved testing plan and is required under its notice to proceed.

“It has always been the plan for BlockShoals Technologies Inc. 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,” Quiogue said.

BlockShoals is the locally registered and regulated entity through which Binance products and services are made available to users in the Philippines.

“Throughout the StratBox testing period, BlockShoals operates under the direct supervision of the SEC, and welcomes the close coordination between the SEC and the BSP, which run separate but complementary regulatory frameworks,” the company said.

The SEC earlier clarified the scope and objectives of BlockShoals’ 90-day integration period as part of its participation in the commission’s regulatory sandbox.

The commission last month said it has given final approval to BlockShoals to begin testing its financial products and services under the SEC strategic sandbox.

However, the SEC said that this should not be construed as the commencement of public onboarding, public trading operations or broader market reopening.

“Any future public participation or onboarding activities will remain subject to applicable regulatory requirements and further SEC approval,” the commission said.

The SEC said BlockShoals is authorized to test trading activities and other advanced crypto-asset products within a controlled regulatory environment pursuant to its participation in StratBox.

According to the commission, the indicated 90-day period is intended solely for establishing and integrating the technical infrastructure and systems between BlockShoals and its local VASP partner.

“In particular, the process will focus on the development of secure fiat rails that will enable the seamless on-ramping and off-ramping of Philippine pesos, allowing users to convert fiat currency into cryptocurrency and vice versa,” the SEC said.