VASP (Virtual Asset Service Provider)
Quick Answer
A VASP is any business offering virtual asset services including exchanges, custodians, and payment processors. Defined by FATF, VASPs must implement KYC, AML, and Travel Rule compliance.
Full Definition
A VASP is any business offering services involving virtual assets including exchanges, custodians, payment processors, and wallet providers. Defined by FATF, VASPs must implement customer due diligence, transaction monitoring, Travel Rule compliance, and suspicious activity reporting. Crypto payment gateways are classified as VASPs in most jurisdictions.
Related Terms
Validator
A validator is a Proof of Stake node operator that stakes crypto and votes on block validity. More validators means greater decentralisation and more reliable payment settlement.
Volatility
Volatility is the degree of crypto price fluctuation. Payment gateways like SpacePay mitigate it by locking exchange rates at payment time and converting immediately to stablecoins or fiat.