Glossary > Virtual asset service providers (VASPs)

Virtual asset service providers (VASPs)

What are virtual asset service providers (VASPs)?

VASP is a broad term that refers to companies providing services related to cryptocurrencies.

According to the FATF’s definition, a VASP is a business that conducts one or more of the following activities:

  • exchange between virtual assets (VAs) and fiat currencies;
  • exchange between one or more forms of VAs;
  • transfer of VAs;
  • safekeeping and/or administration of VAs or instruments enabling control over VAs; and
  • participation in and provision of financial services related to an issuer’s offer and/or sale of a VA

More simply put, exchanges, peer-to-peer (P2P) exchanges, crypto ATMs, custodians, or OTC desks are VASPs for example.