Regulations for accepting crypto payments
Are businesses that accept crypto payments considered as Virtual Asset Service Provider (VASP)?
"A VASP is defined by the Financial Action Task Force (FATF) as a business that conducts one or more of the following actions on behalf of its clients:
- exchange between virtual assets and fiat currencies;
- exchange between one or more forms of virtual assets;
- transfer of virtual assets;
- safekeeping and/or administration or virtual assets or instruments enabling control over virtual assets;
- participating in and provision of financial services related to an issuer’s offer and/or sale of a virtual asset;
This definition encompasses a range of crypto businesses, including exchanges, ATM operators, wallet custodians, and hedge funds. FATF further recommends that VASPs be subject to the same stringent AML/CTF and KYC requirements as traditional financial institutions."