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."

    Source: bitFlyer