PayMaya, Facebook’s Novi now hold BSP license as Virtual Asset Service Providers

PayMaya and Facebook‘s Novi are now included in the Bangko Sentral ng Pilipinas’ (BSP) list of Virtual Asset Service Providers (VASPs).

VASP refers to any entity that offers services or engages in activities that provide a facility for the transfer or exchange of virtual assets. VCs and other crypto assets are generally called virtual assets (VAs).

Both PayMaya and Novi are now among the 18 institutions with BSP’s license as VASP as of December 31, 2021. This hints that the two said institutions would soon provide VAs.

In October 2021, Facebook announced the ‘Novi’ digital currency wallet, aiming to help people send and receive money abroad instantly. It uses digital currencies that make sending money as easy as sending a message, starting with USDP (Pax Dollar). However, it is currently only available in Guatemala and the US, so having a BSP license indicates impending arrival in the Philippines.

To recall, BSP Circular No. 1108 expands the scope of activities to be regulated as VASPs, which include businesses that perform:

(a) Exchange between VAs and fiat currencies;
(b) Exchange between one or more forms of VAs;
(c) Transfer of VAs; and
(d) Safekeeping and/or administration of VAs or instruments enabling control over VAs.

Moreover, the VASP’s products and services include virtual assets/currencies (such as Bitcoin, Ethereum, Ripple, etc.) and e-wallets.

You may check out BSP’s complete list of VASPs here.

Source: BSP

ALSO READ: What is a Virtual Asset Service Provider (VASP)?