Virtual asset service provider (VASP)

As defined by the FATF, a natural or legal person not covered elsewhere under the FATF Recommendations who, as a business and for or on behalf of another person, conducts one or more of the following: exchange between virtual assets and fiat currencies; exchange between one or more forms of virtual assets; transfer of virtual assets; safekeeping or administration of virtual assets or instruments enabling control over them; or participation in and provision of financial services related to an issuer’s offer or sale of a virtual asset. Providers of non-custodial software and persons acting only for themselves generally fall outside the definition. Classification depends on the activities actually performed, not merely on how a service describes itself. Whether a VASP is subject to specific AML/CFT obligations depends on the implementing legislation of each jurisdiction.