Definition ∞ VASP operations refer to the business activities and services conducted by Virtual Asset Service Providers, which are entities that facilitate the exchange, transfer, custody, or administration of virtual assets. These operations include running crypto exchanges, offering digital asset custody solutions, and providing fiat-to-crypto on/off-ramps. VASPs serve as crucial intermediaries in the digital asset economy, enabling access and liquidity for users. Their activities are increasingly subject to regulatory oversight.
Context ∞ The regulation of VASP operations is a critical area of focus for international bodies like the Financial Action Task Force (FATF) and national authorities, aiming to mitigate risks such as money laundering and terrorist financing. Discussions often address the implementation of the “Travel Rule,” which mandates information sharing between VASPs for certain transactions. Future trends indicate a global push for consistent VASP licensing, registration, and supervision to enhance market integrity and consumer protection.
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