VASP Framework refers to the regulatory structure and guidelines specifically designed for Virtual Asset Service Providers. This framework typically includes requirements for anti-money laundering (AML), counter-terrorist financing (CTF), customer due diligence, and record-keeping. Its purpose is to mitigate financial crime risks associated with digital assets and ensure that crypto businesses operate within a compliant legal environment. The framework aims to bring virtual asset activities under similar regulatory scrutiny as traditional finance.
Context
The key discussion surrounding the VASP Framework involves its global implementation, particularly driven by recommendations from the Financial Action Task Force (FATF), to standardize regulations for virtual asset businesses. Its situation highlights a concerted international effort to prevent the use of digital assets for illicit purposes, necessitating significant operational adjustments for many crypto companies. A critical future development to watch for is the consistent application and enforcement of these frameworks across diverse jurisdictions, fostering a more secure and regulated global digital asset market.
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