VASP – Virtual Asset Service Provider

FATF terminology: VASP or Virtual Asset Service Provider.

The term VASP or Virtual Asset Service Provider was introduced in 2019 by the intergovernmental organization FATF (Financial Action Task Force) as part of the publication of recommendations on a risk-based approach in the field of cryptocurrencies and virtual assets to denote providers of crypto-oriented services.

Who is Virtual Asset Service Provider?

Lagal definition of VASP

Thus, according to FATF terminology, a virtual asset service provider is any natural or legal person who does not fall under any other regulations and offers one or more services from the following list to other natural or legal persons:

a) Exchange between virtual assets and fiat currencies;

b) Exchange between one or more forms of virtual assets;

c) Transfer of virtual assets; and 

d) Safekeeping and/or administration of virtual assets or instruments enabling control over virtual assets;

e) Participation in and provision of financial services related to an issuer’s offer and/or sale of a virtual asset.

According to the FATF recommendations, VASP should be subject to enhanced requirements from the supervisory authorities, including the obligation to obtain a license or preliminary registration of activities on service providers, as well as increased supervision of VASP’s AML/KYC measures by regulatory authorities.

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