Definition ∞ Virtual Asset Providers are businesses or individuals offering services related to the exchange, transfer, or custody of digital assets. This regulatory designation, notably used by the Financial Action Task Force, encompasses any entity or individual conducting activities for or on behalf of another concerning virtual assets. These activities include the exchange between virtual assets and fiat currencies, transfers of virtual assets, custody of virtual assets, and participation in financial services related to an issuer’s offer or sale of a virtual asset. VASPs are typically subject to anti-money laundering and counter-terrorist financing obligations.
Context ∞ The regulation of Virtual Asset Providers remains a primary focus for international financial bodies and national governments aiming to mitigate illicit finance risks in the digital asset space. News reports frequently discuss the implementation of FATF’s “Travel Rule” and other compliance requirements for VASPs across various jurisdictions. The ongoing challenge involves harmonizing these regulations globally and applying them effectively to decentralized and peer-to-peer virtual asset activities.
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