PayMaya and Facebook Novi Philippines Receive Virtual Currency Exchange License from the BSP

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By Shiela Bertillo

Mobile e-wallets Paymaya and Novi Philippines Inc. are now added to the list of firms licensed by the Banko Sentral ng Pilipinas (BSP) as Virtual Asset Service Providers (VASP). The firms were added to the latest list published by the central bank December 31st of last year.

What are VASPs?

Under the BSP Circular No. 1108 or the Guidelines for VASPs issued in January 2021, the BSP recognizes the evolving virtual asset systems or markets, and the risks associated with it because of its underlying features — anonymity, volatility of prices and “velocity” of transactions. The central bank considers VASPs as money service businesses, when fiat money is converted into virtual assets, and are still transferable and be used for payment.

Virtual Asset Service Providers are entities that facilitate exchange between virtual assets and fiat currencies, exchange between virtual assets, transfer of virtual assets, and custody of these assets. (Read more: Key Takeaways: Philippines Guidelines on Virtual Asset Service Providers (VASPs))

Paymaya Philippines Inc.

According to its website, PayMaya states that it is the only end-to-end digital payments ecosystem enabler in the Philippines, with platforms and services that cut across consumers, merchants, communities, and government.

The popular e-wallet and fintech app provides more than 41 million Filipinos with access to financial services through its consumer platforms. Customers can conveniently pay, add money, cash out or remit through its over 380,000 digital touchpoints nationwide.

Moreover, last year, the Smart Padala by the PayMaya network was expanded to over 60,000 partner agent touchpoints which serves as last-mile digital financial hubs in communities, providing the unbanked and underserved access to digital services. (Read more: PayMaya Expands Cash-in Touchpoints Nationwide)

Further, in an exclusive interview with BitPinas last December, Paymaya confirmed that they have plans to put cryptocurrency in their app. (Read more: PayMaya to Put Crypto in App, Not Interested to Acquire VCEs Right Now)

Website:  https://www.paymaya.com

Novi Philippines Inc.

Novi is a digital wallet under Facebook’s parent company Meta specializing in international money transfers and remittances which helps people send and receive money “instantly, securely, and with no fees.” Novi uses USDP (Pax Dollar), a stablecoin digital currency, for its operations.

Website: https://www.novi.com

For other existing licensed VASPs in the Philippines, click here from the BSP site

This article is published on BitPinas: PayMaya and Facebook Novi Philippines Receive Virtual Currency Exchange License from the BSP

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[…] This text is printed on BitPinas: PayMaya and Facebook Novi Philippines Receive Virtual Currency Exchange License from the BSP […]

[…] post PayMaya and Facebook Novi Philippines Receive Virtual Currency Exchange License from the BSP appeared first on […]

[…] On the other hand, Novi, Facebook’s digital wallet (but without Diem) recently received a Virtual Asset Service Providers (VASP) license from the Banko Sentral ng Pilipinas (BSP). Stepping away from Diem, Novi users could instead send and receive a different digital coin. (Read more:  PayMaya and Facebook Novi Philippines Receive Virtual Currency Exchange License from the BSP) […]

[…] Then again, Novi, Fb’s digital pockets (however with out Diem) just lately acquired a Digital Asset Service Suppliers (VASP) license from the Banko Sentral ng Pilipinas (BSP). Stepping away from Diem, Novi customers might as a substitute ship and obtain a distinct digital coin. (Learn extra:  PayMaya and Facebook Novi Philippines Receive Virtual Currency Exchange License from the BSP) […]

[…] On the other hand, Novi, Facebook’s digital wallet (but without Diem) recently received a Virtual Asset Service Providers (VASP) license from the Banko Sentral ng Pilipinas (BSP). Stepping away from Diem, Novi users could instead send and receive a different digital coin. (Read more:  PayMaya and Facebook Novi Philippines Receive Virtual Currency Exchange License from the BSP) […]

[…] On the other hand, Novi, Facebook’s digital wallet (but without Diem) recently received a Virtual Asset Service Providers (VASP) license from the Banko Sentral ng Pilipinas (BSP). Stepping away from Diem, Novi users could instead send and receive a different digital coin. (Read more:  PayMaya and Facebook Novi Philippines Receive Virtual Currency Exchange License from the BSP) […]

[…] Despite not issuing a digital asset of its own, the BSP recently added mobile e-wallets Paymaya and Novi Philippines Inc. to the list of firms licensed by the BSP to operate as Virtual Asset Service Providers (VASP). (Read more: PayMaya and Facebook Novi Philippines Receive Virtual Currency Exchange License from the BSP) […]

[…] Regardless of not issuing a digital asset of its personal, the BSP lately added cell e-wallets Paymaya and Novi Philippines Inc. to the listing of companies licensed by the BSP to function as Digital Asset Service Suppliers (VASP). (Learn extra: PayMaya and Facebook Novi Philippines Receive Virtual Currency Exchange License from the BSP) […]

[…] Despite not issuing a digital asset of its own, the BSP recently added mobile e-wallets Paymaya and Novi Philippines Inc. to the list of firms licensed by the BSP to operate as Virtual Asset Service Providers (VASP). (Read more: PayMaya and Facebook Novi Philippines Receive Virtual Currency Exchange License from the BSP) […]

[…] Despite not issuing a digital asset of its own, the BSP recently added mobile e-wallets Paymaya and Novi Philippines Inc. to the list of firms licensed by the BSP to operate as Virtual Asset Service Providers (VASP). (Read more: PayMaya and Facebook Novi Philippines Receive Virtual Currency Exchange License from the BSP) […]

[…] Despite not issuing a digital asset of its own, the BSP recently added mobile e-wallets Paymaya and Novi Philippines Inc. to the list of firms licensed by the BSP to operate as Virtual Asset Service Providers (VASP). (Read more: PayMaya and Facebook Novi Philippines Receive Virtual Currency Exchange License from the BSP) […]

[…] Despite not issuing a digital asset of its own, the BSP recently added mobile e-wallets Paymaya and Novi Philippines Inc. to the list of firms licensed by the BSP to operate as Virtual Asset Service Providers (VASP). (Read more: PayMaya and Facebook Novi Philippines Receive Virtual Currency Exchange License from the BSP) […]

[…] On the other hand, Novi, Facebook’s digital wallet (but without Diem) recently received a Virtual Asset Service Providers (VASP) license from the Banko Sentral ng Pilipinas (BSP). Stepping away from Diem, Novi users could instead send and receive a different digital coin. (Read more:  PayMaya and Facebook Novi Philippines Receive Virtual Currency Exchange License from the BSP) […]

[…] Novi Philippines, Inc. received their license last December 31, 2021. […]

[…] ng Paymaya, Gcash, at Unionbank sa kani-kanilang mga planong crypto exchange business. Pati nga ang Facebook ay may lisensya na upang makapagtatag ng crypto exchange dito sa […]

[…] Baidwan also noted that the digital bank will offer services for savings, credit, insurance, and even cryptocurrency investments. Regarding its crypto affiliation, PayMaya received its license as a Virtual Asset Service Providers (VASP) from the central bank last January. (Read more: PayMaya and Facebook Novi Philippines Receive Virtual Currency Exchange License from the BSP) […]

[…] Baidwan also noted that the digital bank will offer services for savings, credit, insurance, and even cryptocurrency investments. Regarding its crypto affiliation, PayMaya received its license as a Virtual Asset Service Providers (VASP) from the central bank last January. (Read more: PayMaya and Facebook Novi Philippines Receive Virtual Currency Exchange License from the BSP) […]

[…] Baidwan also noted that the digital bank will offer services for savings, credit, insurance, and even cryptocurrency investments. Regarding its crypto affiliation, PayMaya received its license as a Virtual Asset Service Providers (VASP) from the central bank last January. (Read more: PayMaya and Facebook Novi Philippines Receive Virtual Currency Exchange License from the BSP) […]