VIRTUAL ASSETS BUSINESSES
Virtual assets service providers are regulated in accordance with the Virtual Asset Business Act, Act No. 7 of 2021. Virtual assets service providers (VASPs) refers to providers of any digital representation of value that can be digitally traded, transferred or used for payment. It does not include digital representation of fiat currencies. Virtual assets are both suitable for payment and investment.
According to the Financial Action Task Force (FATF), VASPs are more prone to serious risks. For example, VASPs can be exploited by criminals and terrorists for money laundering and funding terrorist activities.
According to the Financial Action Task Force (FATF), VASPs are more prone to serious risks. For example, VASPs can be exploited by criminals and terrorists for money laundering and funding terrorist activities.
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REGISTERED VIRTUAL ASSET SERVICE PROVIDERS