Navigating the concept of Virtual Asset and VASP (Virtual Asset Service Provider)

Navigating the concept of Virtual Asset and VASP (Virtual Asset Service Provider)

With crypto and virtual assets being the recent terminologies in the global economy’s dictionary, it is pertinent to understand the term Virtual Assets and VASP (Virtual Assets Service Provider).

Virtual Assets are the digital representation of the value, which can be easily traded over a digital platform. However, the digital representation of fiat currencies or shares and securities would not be considered a virtual asset, though represented in virtual or digital form.

Organizations providing services concerning virtual assets to another person in the course of their routine business activities would be considered Virtual Asset Service Providers (VASP).

With this simple-to-understand graphic, understand what the term “virtual assets” signify, what is expressly excluded from qualifying as a virtual asset and who would be treated as Virtual Asset Service Provider.

AML UAE is one of the leading AML consultancy service providers in UAE, offering a wide range of AML support to regulated organizations, including VASPs. AML UAE assists VASPs in assessing the business level risk and adopting a risk-based approach by designing adequate policies and controls to mitigate the identified risks. We also help identify the right AML solution to manage your customer onboarding process and monitor the virtual assets transfer in real-time.