What is a VASP

A Virtual Activity Service Provider ("VASP") is a business which:

• issues;
• transmits;
• transfers;
• provides safe custody or storage of;
• administers;
• manages;
• lends;
• buys;
• sells;
• exchanges, or otherwise trades; or
• intermediates

convertible virtual currencies, including crypto-currencies, virtual assets or similar concepts, where the concept is accepted by persons as:

• a means of payment of goods or services;
• a unit of account; or
• a store of value or a commodity.

Please note that a VASP is sometimes also referred to as Convertible Virtual Currency ("CVC") business. The definition above applies both to VASPs and CVC businesses equally.