Virtual Asset Service Provider (VASP)
VASPs, or Virtual Asset Service Providers, are entities that facilitate the exchange, transfer, and custody of virtual assets such as cryptocurrencies. They play a crucial role in the digital financial ecosystem by offering services like trading platforms, digital wallets, and payment processing. VASPs are subject to regulatory frameworks to ensure compliance with anti-money laundering (AML) and counter-terrorism financing (CTF) measures, thereby promoting transparency and security in the virtual asset market.
