Glossary
VASP
The FATF term for a business conducting virtual-asset activities for others, adopted into national law by many jurisdictions.
FATF's definition covers exchange between virtual assets and fiat, exchange between virtual assets, transfer, custody and participation in financial services related to an issuance. Most national regimes build their licensing scope on it.
The term matters because obligations attach to the classification rather than to self-description. A business that considers itself a technology provider may still be a VASP if it does any of those things for others.
Where this comes up
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