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What is a Virtual Asset Service Provider?
A VASP is a crypto-business that conducts any one of the following activities:
FATFs' definition of a VASP is perhaps the most critical definition in the cryptoverse - whether or not your crypto business is expected to implement a costly risk-based compliance program can hinge on this definition. Much of the "revised" part of the revised guidance lives in the VASP definition section. In fact there are about 12 redlined pages dedicated to the topic.
FATF's recommendations are way more than recommendations - they will quickly become regulatory gospel across the globe. And, the recommendations in the updated guidance are game changers.
https://blog.trmlabs.com/post/fatf-takes-a-big-shot
I’ll kick things off
VASPTokens
A VASP is a crypto-business that conducts any one of the following activities:
- Exchange between virtual assets and fiat currencies;
- Exchange between one or more forms of virtual assets;
- Transfer of virtual assets;
- Safekeeping and/or administration of virtual assets or instruments enablingcontrol over virtual assets; and
- Participation in and provision of financial services related to an issuer’s offerand/or sale of a virtual asset.
FATFs' definition of a VASP is perhaps the most critical definition in the cryptoverse - whether or not your crypto business is expected to implement a costly risk-based compliance program can hinge on this definition. Much of the "revised" part of the revised guidance lives in the VASP definition section. In fact there are about 12 redlined pages dedicated to the topic.
FATF's recommendations are way more than recommendations - they will quickly become regulatory gospel across the globe. And, the recommendations in the updated guidance are game changers.
https://blog.trmlabs.com/post/fatf-takes-a-big-shot
I’ll kick things off
VASPTokens
