VASP Licensing Requirements refer to the mandatory legal authorizations and specific conditions that Virtual Asset Service Providers must meet to operate lawfully. These requirements typically involve obtaining licenses from regulatory bodies, adhering to anti-money laundering (AML) and know-your-customer (KYC) protocols, and demonstrating robust cybersecurity measures. Their purpose is to regulate digital asset businesses and protect consumers. These regulations standardize operational conduct.
Context
The increasing global trend towards formalizing regulatory frameworks for VASPs highlights the growing recognition of digital assets within the financial system. Compliance with these licensing requirements is crucial for businesses seeking to operate legitimately and build trust. News often reports on new national or international guidelines shaping the future of VASP operations.
Global VASPs must urgently operationalize the Travel Rule, as the FATF cites a 75% jurisdictional compliance shortfall, demanding rapid domestic legislative action.
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