Argos KYC News & Insights

What does VASP mean in finance? (Virtual Asset Service Provider)

Have you heard of VASP and wondered what the meaning was related to finance? VASP stands for Virtual Asset Service Provider, and yes, it is the provider of virtual assets. Then what is a virtual asset? Virtual asset is referred to any digital representation of value that can be digitally traded, transferred, or used for payment. Commonly used words for virtual assets include crypto assets, cryptocurrency, virtual currency, and other digital assets.


Virtual Asset Service Provider (VASP) is a business that conducts an exchange between virtual assets and fiat currencies, or exchange between one or more forms of virtual assets. Virtual asset has unique characteristics such as speed, global reach, low transaction cost, and anonymity. Although its’ positive points on transaction, the very unique property “anonymity” signifies the chance of the asset misusage. This includes assets being used on money laundering and other cybercrimes to especially escape authorities’ inspection. Therefore, FATF defined the VASP sector as relevant to AML/CFT.

 

With the increasing usage of virtual assets along with the online environment, more and more businesses are under tremendous pressure in protecting their assets. Therefore, businesses started to find ways to protect them from any cyber-related crimes but retain sound transactions. If you are one of those businesses concerning money laundering and fraud from your service users, Argos KYC is here to help you with any digital crime concerns. You can focus on your business while we handle your prime worries.

 

Argos KYC is an online solution where we assist companies on customer identity verification such as Know Your Customer (KYC) and Anti Money Laundering (AML). We aim for safe transactions from the users by providing a seamless onboarding experience and helping businesses with money laundering and fraud concerns.

 

Keywords:
VASP, virtual asset service provider, FATF, virtual asset, blockchain, cryptocurrency, KYC, AML, CFT

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