March 21, 2023

Direct Agent 5 secures e-money, cryptocurrency, e-payment BSP licenses

DA5, is an authorized direct agent of Western Union.

The Bangko Sentral ng Pilipinas (BSP) has given cryptocurrency, e-money and e-payment licenses to Direct Agent 5, Inc. (DA5), which intends to launch a hybrid digital wallet.

The firm secured central bank approval to operate as a Virtual Assets Service Provider (VASP), Non-Bank Electronic Money Issuer (EMI), and Type A Advanced Electronic Payment and Financial Services.

DA5, following this announcement, is the 43rd non-financial banking institution to have an EMI License 20th entity to have a VASP License, and the ninth entity to have both VASP and Non-Bank EMI licenses.