Novi No Longer Included on BSP List of VASP Licensees

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Editing by Nathaniel Cajuday

Nine months after it was listed in the registered Virtual Asset Service Provider (VASP) under the Bangko Sentral ng Pilipinas, Meta’s (formerly Facebook) digital wallet Novi is now out of the list. 

Registered since December 31, 2021, the is no longer registered according to the latest list published by the central bank last September. Novi digital wallet, utilizing stablecoin USDP (PAX dollar), specializes in international money transfers and remittances which helps people send and receive money “instantly, securely, and with no fees.” (Read more: Facebook Novi Philippines Receive Virtual Currency Exchange License from the BSP)

List of Licensed Virtual Asset Service Providers in the Philippines
List of Licensed Virtual Asset Service Providers in the Philippines

In an advisory posted in Facebook’s help center, the social media giant informed its users that the Novi pilot ended on September 1, 2022, and users are advised to withdraw their balance from their accounts. However, those who failed to do so are still able to receive their funds as the company will attempt to transfer their funds to the bank account or payment method linked to their Novi accounts.  

Users are advised to claim their Novi account balance, or to request a refund for an error or unauthorized transaction, to send the firm an email with the following information; the user’s legal name on your Novi account, and phone number associated with the Novi account and a preferred contact phone number (if different).

Aside from rebranding their company name from Facebook to Meta last year, Meta CEO Mark Zuckerberg announced its first step of launching its digital wallet “for the metaverse” by changing Facebook Pay to Meta Pay. (Read more: Facebook to Launch Meta Pay, a Metaverse Wallet)

Prior to this, Meta revealed last April that it plans to release virtual coins, tokens, and lending services on its apps as it assembles preliminary plans for the possible launch.

Although Meta has been actively integrating web3 innovations into its platforms, the firm’s second-quarter report showed its metaverse-specific division has suffered a $2.8 billion loss

Moreover, before these adoptions, Meta also suffered several failed attempts with their cryptocurrency platform Diem Payment Network. (Read more: Facebook’s DIEM Formerly Known as Libra Shuts Down Without Ever Launching)

This article is published by BitPinas: Novi No Longer Included on BSP List of VASP Licensees

Disclaimer: BitPinas articles and its external content are not financial advice. The team serves to deliver independent, unbiased news to provide information for Philippine-crypto and beyond.

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