Virtual Asset Service Provider (VASP)

A virtual asset service provider, or VASP, is the regulatory label for a business that handles crypto on behalf of other people. Typical activities include exchanging crypto for fiat or for other crypto, transferring virtual assets, safekeeping or administering assets and the keys that control them, and offering or selling assets on an issuer's behalf. Being classified as a VASP usually triggers registration or licensing with a national authority plus anti-money-laundering duties, governance and reporting requirements. Purely self-hosted wallet software that never takes custody of user funds often falls outside the definition, though the boundary is debated and drawn differently in each jurisdiction. Users can generally check a provider's registration status in the supervisor's public register.