#VASP

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. Both PayMaya and Novi are now among the 18 institutions with BSP's license as VASP as of December 31, 2021. 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)? 1108 series of 2021, published new rules regulating Virtual Asset Services Providers (VASPs) that offer their services or engage in VASP activities in the Philippines. Read more in our articles including "PayMaya, Facebook's Novi now hold BSP license as Virtual Asset Service Providers" and "What is a Virtual Asset Service Provider (VASP)?".