By · · last updated 2026-08-06
A Virtual Asset Service Provider (VASP) is any business that exchanges, transfers, or custodies virtual assets. The FATF definition and its compliance meaning.
VASP - Virtual Asset Service Provider - is the FATF term for businesses that exchange, transfer, or custody virtual assets. The label decides which compliance obligations apply.
FATF defines VASPs as entities providing: exchange between virtual and fiat, exchange between virtual assets, transfers, and safekeeping/administration of virtual assets.
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VASPs carry AML/CFT obligations: KYC, travel rule (VASP-to-VASP data sharing), sanctions screening, and reporting. Exchanges, custodians, and some brokerages are VASPs; pure software providers are not.
Screening is the per-transaction prohibition check - it applies to VASPs and to any payment path. The travel rule applies to VASP-to-VASP transfers. The travel rule post covers the boundary.
An agent that moves virtual assets may itself be a VASP activity - the obligations follow the activity, not the label.
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