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Understanding virtual asset service providers

What are virtual asset service providers (VASPs)?





Virtual asset service providers have been defined as a new financial sector facing significant money laundering and terrorist financing risks.


The Financial Action Task Force (FATF) issued its guidance (2019) on how virtual asset service providers could be abused by criminals and terrorists to launder money and finance terrorist acts.


As of March 2021, the FATF has issued a new consultation to amongst others, provide more clarity on which businesses are undertaking VASP activities and are subject to the FATF Standards