VASPnet

As of 11 March, VASPnet now has data from 100 regulators in 80 countries worldwide. We have data on 51,531 virtual asset service providers (VASPs), of which only 68% are permitted to conduct virtual asset activities. We’ve recently added regulatory reference data from regulators in: ???? Cuba ???? Namibia Learn more about how VASPnet can help financial institutions ensure they only do business with compliant VASPs ?? https://bit.ly/3wefnO3 #CryptoRegulation #VASP

?? Not all of?the world's top centralised crypto exchanges?(CEXs) are playing by the same rulebook. Some of the top CEXs are located in jurisdictions that subject virtual asset service providers (VASPs) to wider consumer protection and market conduct requirements, while others face only basic anti-money laundering and countering the financing of terrorism (AML/CFT) requirements. At the end of 2024, VASPnet published a report covering the most popular jurisdictions for the world’s top 100 CEXs. This month, VASPnet refreshed the data on the number of VASP entities associated with top CEXs in the top 15 countries, listed in the table below. Here’s what VASPnet found when looking at the scope of supervision in each of the popular countries for top CEXs ?? ?? North America: The United States leads in the total number of top CEXs with regulated VASP entities (64). While they are subject to AML/CFT requirements, only nine are also subject to wider market requirements. ?? European Union (EU): With the implementation of the Markets in Crypto-assets (MiCA) Regulation bringing in wider market requirements, many top CEXs still operate under AML/CFT requirements during the transition period, such as Italy (17) and Lithuania (15). ?? Asia Pacific (APAC): Türkiye has the highest number of top CEXs (12) and subjects regulated VASPs to wider consumer protection and market conduct requirements. The other most popular APAC jurisdictions also have wider market requirements in place. ?? Middle East: In the United Arab Emirates (UAE) (9), Dubai and Abu Dhabi have distinct, wider market regulatory regimes. Read more insights into the regulatory regimes shaping the operations of the top CEXs ?? https://bit.ly/4i9JtVT #CryptoRegulation #AMLCFT #WiderMarket #CEX #VASP

In the wake of the largest crypto heist in history, here’s a breakdown of Bybit’s regulatory footprint in five key points - highlighting the critical difference between being regulated, well regulated, and regulated well. 1?? ???Jurisdictional complexity exposes gaps in regulatory oversight... ByBit Fintech Limited (Singapore), the entity overseeing exchange services, is not regulated. Mind & management?are in?#Singapore, but it is?not licensed?by?Monetary Authority of Singapore (MAS) as firms that don’t serve local customers are exempt under the?Payment Services Act. It?operates from #Seychelles, where it falls under the?VASP Act 2024, though its?licensing status remains unclear. 2?? ???Bybit is no stranger to regulatory warnings... ???? Malaysia - SC (06/08/2021) ???? France - AMF (02/09/2022) ???? BVI - FSC (08/12/2023) ???? Japan - JFSC (28/11/2024) ???? Hong Kong - SFC (24/01/2025) 3?? ??Group entities are broadly registered, but primarily under AML/CFT registration frameworks with limited/no supervision... ???? USA - FinCEN ???? Netherlands - DNB ???? Cyprus - CySEC ???? Lithuania - FCIS ???? Kazakhstan - Astana FSA ???? Georgia - NBG ???? Turkey - CMB 4?? ?? Bybit are seeking broader oversight... ???? Dubai - Provisional license granted by Virtual Assets Regulatory Authority [VARA] ???? Seychelles - Although unclear, an application would have had to be submitted before the end of 2024 to continue operating. 5?? ?? The takeaway? Strong regulatory supervision sets higher operating standards. So - while supervision may not have prevented the heist, mandated controls - such as audits, ICT certification and robust security measures - could have significantly reduced the risk. #cryptoregulation #VASP VASPnet

?? These are the 15 most popular countries for top centralised crypto exchanges (CEXs), plus an update on the current scope of their virtual asset regulation. Because most global CEXs have established legal entities in various countries around the world, the jurisdictions are ranked according to the number of virtual asset service provider (VASP) entities that are: ?? legally associated with top CEXs ?? known to regulators in VASPnet's database, and ?? permitted to undertake virtual asset activities. The list of countries was originally sourced from our 2024 year-end report on the regulatory footprint of the world's leading crypto spot exchanges. It was updated this month to reflect key changes: ???? As of 12 February 2025, the United States has 64 VASP entities registered with the Financial Crimes Enforcement Network, US Treasury (FinCEN) that are subject to anti-money laundering and countering the financing of terrorism (AML/CFT) requirements. While this is by far and away more than any other country, only nine of those 64 VASP entities are also subject to a state-level regime in New York and/or Louisianna that addresses wider consumer protection, market conduct or prudential requirements in addition to AML/CFT requirements: ?? Coinbase ?? Bitstamp ?? CEX.IO ?? OKX ?? Kraken ?? Pionex ?? Crypto.com ?? Bitflyer ?? Gemini ???? Although the graph below notes that the European Union currently has a wider market regime in place given the application of the Markets in Crypto-assets (MiCA) Regulation at the end of 2024, all VASP entities identified in popular EU countries are benefiting from a grandfathering period and are only currently subject to AML/CFT requirements under legacy regimes. ???? Since the end of last year, Italy has jumped ahead of Lithuania as the most popular EU destination for top crypto exchanges. ???? In the UAE, the Virtual Assets Regulatory Authority [VARA] has since issued three additional in-principal licenses to VASP entities associated with the following top CEXs, raising the total number of regulated VASP entities there to nine: ?? Gate ?? HashKey ?? Bybit Check out our latest article for more insights ?? https://bit.ly/4i9JtVT

VASPnet is partnering with Scorechain to strengthen crypto anti-money laundering (AML) compliance. By leveraging VASPnet’s regulatory reference data on virtual asset service providers (VASPs), Scorechain can further enhance its AML and blockchain compliance solutions for cryptocurrencies. Learn more about VASPdata ?? https://bit.ly/3wefnO3 #CryptoRegulation #VASP #VASPdata #AML

?? VASPnet is partnering with Global Ledger to strengthen crypto anti-money laundering (AML) compliance. By utilising VASPnet’s regulatory reference data on virtual asset service providers (VASPs), Global Ledger’s AML toolset will further provide government agencies, banks, fintech companies, and crypto startups with enhanced risk assessment, surveillance, and investigative capabilities for blockchain-based assets. Learn more about VASPdata??? https://bit.ly/3wefnO3 #CryptoRegulation #VASPdata #AML

Choosing a Travel Rule Service Provider (TRSP) does not automatically make a crypto-asset service provider (CASP) compliant with the EU’s Transfer of Funds Regulation (TFR). Given the latest update to the EU's TFR, in order to fully comply, CASPs are advised to: ?? identify counterparties and risks ?? update policies, procedures and people, ?? implement system changes, ?? establish industry partnerships, and? ?? monitor ongoing regulatory developments. Check out VASPnet’s TFR checklist for a more comprehensive list of responsibilities for CASPs ?? https://bit.ly/4fWDIsT #TFR #CryptoRegulation #TravelRule #CASP #TransferOfFundsRegulation?

?? As of 21 January, VASPnet has data on 50,023 service providers from 97 regulators in 77 countries around the world. ? 68% are permitted to conduct virtual asset activities ? 32% are explicitly not permitted or were once regulated and are no longer regulated We’ve recently added regulatory reference data from regulators in: ???? Turkey ???? Dominica Learn more about how VASPnet can help financial institutions ensure they only do business with compliant VASPs ?? https://bit.ly/3wefnO3 #VASPdata #VASP #CryptoRegulation

?? Is your crypto-asset service provider compliant with the EU’s Transfer of Funds Regulation (TFR)? Here's your checklist. ?? An update to the EU’s version of the Travel Rule took effect on 30 December 2024. The revised TFR ensures crypto-asset service providers (CASPs) in the EU adhere to anti-money laundering (AML) and countering the financing of terrorism (CFT) requirements and requires them to share originator and beneficiary information with each crypto-asset transfer. To help ensure compliance with the EU’s revised TFR, VASPnet has developed a checklist for CASPs that makes the process easier. It outlines critical measures and best practices to: ?? identify and assess counterparty risks, ?? choose an appropriate Travel Rule Solution Provider (TRSP), ?? enhance AML and customer due diligence policies, and ?? implement systems and tools for mandatory data collection. Download the checklist to make sure you’re compliant ?? #CryptoRegulation #TravelRule #TFR #CASP #AML #CFT

45 of the world’s top 100 centralised crypto spot exchanges (CEXs) hold a money transmitter license in the US from the ???? Financial Crimes Enforcement Network, US Treasury (FinCEN) or are registered as a money service business with the ???? Financial Transactions and Reports Analysis Centre of Canada (FINTRAC). Although this represents almost half of the top CEXs, virtual asset service provider (VASP) entities registered with FinCEN and FINTRAC are not subject to regulatory supervision. ?? 18 of these 45 CEXs have at least one regulated entity subject to anti-money laundering and countering the financing of terrorism (AML/CFT) requirements. ?? 15 are not regulated under a virtual asset regime in any other country. ?? 12 are regulated under a wider market regime that addresses wider consumer protection, market conduct or prudential requirements in addition to AML/CFT requirements. Read VASPnet’s latest report for more insights on the regulatory status of the world’s top crypto spot exchanges ?? https://bit.ly/3B7MTby