What Is a Virtual Asset Service Provider (VASP)?
A VASP is any natural or legal person who conducts business activities for or on behalf of another natural or legal person, involving virtual assets. This includes exchanges, custodians, and certain types of wallet providers.
The FATF uses this term to define the entities that must comply with its AML/CTF recommendations, essentially bringing key crypto intermediaries under financial regulation.
Glossar
Legal Person
Entity ⎊ A Legal Person is a non-human entity, such as a corporation, trust, or foundation, that is recognized under law as having distinct legal rights and responsibilities separate from its individual members.
Virtual Asset Service Provider
Functional Category ⎊ Virtual Asset Service Provider is the regulatory term encompassing any business that conducts exchange, transfer, custody, or lending services involving digital assets, which often includes centralized or regulated decentralized platforms dealing in crypto options.
Crypto Intermediaries
Function ⎊ Crypto Intermediaries are the operational entities that facilitate the trading, custody, and settlement of virtual assets and their derivatives.