VASP Regulation pertains to the rules and oversight applied to Virtual Asset Service Providers. These regulations aim to ensure that entities offering services related to digital assets comply with financial crime prevention measures, consumer protection standards, and other relevant legal frameworks. VASP regulation seeks to bring the digital asset industry into alignment with established financial sector norms.
Context
VASP Regulation is a rapidly evolving area, with jurisdictions worldwide implementing or refining frameworks for exchanges, custodians, and other crypto-related businesses. Current discussions often focus on the extraterritorial reach of regulations, the definition of a VASP, and the practical implementation of Anti-Money Laundering (AML) and Know Your Customer (KYC) requirements. The ongoing development of these regulations significantly influences operational strategies and market access for crypto firms.
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