VASP is an international concept used for virtual asset service providers. The scope of a KVHS (crypto-asset service provider) in Türkiye, on the other hand, is assessed through the activities and definitions in local regulation.
A concept is not a licence
A business describing itself as a VASP does not show that it holds an operating licence in any country. Activity type, customers and jurisdiction are assessed separately.
Which processes are involved?
Customer identification, risk assessment, record-keeping and transfer information may all come into play. Requirements follow the organisation's scope of activity; no single control satisfies every obligation.
Product evaluation
KYC, name screening, wallet screening and the Travel Rule are different functions. Decide which one is used in which process. For licensing and capital conditions rely on the current official regulation.
This content is general information. Determine the requirements that apply to your institution from current official sources and your own assessment process.
See the related product scope → Crypto-asset platforms solution
Legichain — technology for identity verification, AML and blockchain screening. Contact: [email protected]