Overview of virtual assets

What is a Virtual Asset (VA) and Virtual Asset Service Provider (VASP) according to the Financial Action Task Force (FATF)?

According to MAS (FATF statement)

last revised 28 October 2021

A virtual asset is a digital representation of value that can be digitally traded, or transferred, and can be used for payment or investment purposes. Virtual assets do not include digital representations of fiat currencies, securities and other financial assets that are already covered elsewhere in the FATF Recommendations.

Virtual asset service provider means any natural or legal person who is not covered elsewhere under the Recommendations, and as a business conducts one or more of the following activities or operations for or on behalf of another natural or legal person:

  • exchange between virtual assets and fiat currencies;

  • exchange between one or more forms of virtual assets;

  • transfer of virtual assets;

  • safekeeping and/or administration of virtual assets or instruments enabling control over virtual assets; and

  • participation in and provision of financial services related to an issuer’s offer and/or sale of a virtual asset.