Virtual Asset Service Providers (VASPs) are businesses that facilitate the exchange, transfer, and storage of virtual assets such as cryptocurrencies. They play a crucial role in the digital asset ecosystem while being subject to regulatory oversight.
Key Services
- Cryptocurrency exchange
- Digital wallet provision
- Asset custody
- Transfer services
- Trading platforms
Regulatory Requirements
- KYC compliance
- AML procedures
- Transaction monitoring
- Risk assessment
- Reporting obligations
Security Measures
- Cold storage
- Multi-signature wallets
- Encryption protocols
- Access controls
- Audit trails
Risk Management
- Fraud prevention
- Market manipulation
- Identity verification
- Transaction limits
- Compliance monitoring
Best Practices
- Regular audits
- Security updates
- Staff training
- Customer verification
- Incident response
VASPs must maintain robust security and compliance measures while facilitating the growing virtual asset market.