Virtual Asset Service Provider (VASP).

Definition

A Virtual Asset Service Provider (VASP) is FATF's regulatory term for any business that conducts one or more of the following on behalf of a customer: exchanging crypto for fiat or other crypto, transferring virtual assets, safekeeping or administering them, or participating in financial services related to an issuer's offer or sale of a virtual asset. In plain terms: exchanges, custodians, and most wallet providers are VASPs. It's the entity the Travel Rule actually regulates — the rule applies VASP-to-VASP, not to individuals moving assets between their own self-custodied wallets.

Why the VASP distinction matters for a CBI/RBI application

Whether a crypto-funded application produces clean Travel Rule data often comes down to whether every hop in the transfer chain passed through a regulated VASP, or whether some portion moved through self-custodied wallets, decentralized exchanges, or unregulated peer-to-peer channels that fall outside VASP obligations entirely. A licensed agent converting crypto for a CBI/RBI applicant is, functionally, acting as (or through) a VASP — which is exactly why the quality of that agent's own compliance program determines the quality of documentation an applicant ends up with.

How ImmiCrypt fits into this picture

ImmiCrypt's Custody and Settlement verticals are being built to VASP-equivalent compliance standards from day one — not because ImmiCrypt is licensed as one today (see our Terms & Disclaimer for current status), but because that's the standard the rail will need to meet before it can responsibly handle client funds.