Virtual asset safekeeping (FATF)
Safekeeping or administering virtual assets, or the cryptographic keys controlling them, for another person outside the EU needs a virtual asset service provider (VASP) licence under the FATF Glossary (iv). Regulators look at storage architecture, cold-storage segregation, operational redundancy, disaster recovery and fidelity insurance before granting it.
Definition
Safekeeping or administering virtual assets, or instruments enabling control over them, for another person.
- FATF, Glossary: virtual asset service provider (iv): official text
Which licence you need
Licence families that typically permit this activity:
- VASP · Abu Dhabi Global Market (ADGM)
VASP licence
Financial Services Permission with Virtual Asset Activities EndorsementFSRA · capital USD 250,000
- VASP · Australia
VASP licence
Registration as a virtual asset service provider (VASP) on the AUSTRAC Virtual Asset Service Provider Register (formerly the Digital Currency Exchange Register)AUSTRAC
- VASP · Bermuda
Digital Asset Business Class F (Full) Licence
BMA
- VASP · Bermuda
Digital Asset Business Class M (Modified) Licence
BMA
- VASP · Bermuda
Digital Asset Business Class T (Test) Licence
BMA
- VASP · British Virgin Islands
Virtual Assets Service Provider Registration
BVI FSC
- VASP · Cayman Islands
Virtual Asset Service Provider Registration
CIMA
- VASP · Dubai (VARA)
Virtual Asset Custody Services Licence
VARA · capital AED 600,000
- VASP · Dubai International Financial Centre (DIFC)
Financial Services Permission with Crypto Token Activities Endorsement
DFSA · capital USD 1,000,000
- VASP · El Salvador
Proveedor de Servicios de Activos Digitales (PSAD) registration
CNAD · capital USD 2,000
- VASP · Germany
Qualified crypto custody licence
BaFin
- VASP · Ireland
Virtual Asset Service Provider AML/CFT Registration
CBI
- VASP · Mauritius
Virtual Asset Custodian (Class R)
FSC
- VASP · Seychelles
Virtual Asset Service Provider Licence / Registration
Virtual Asset Service Provider Licence / Registration (Wallet Provider, Exchange, Broking, Investment Provider) under the Virtual Asset Service Providers Act 2024FSA
- VASP · South Africa
Crypto Asset Service Provider licence
Crypto Asset Service Provider licence (an FSP authorisation category under FAIS, not a MiCA-equivalent regime)FSCA
- VASP · Switzerland
Financial intermediary / VASP SRO affiliation
FINMA · capital CHF 10,000,000
- VASP · United Kingdom
Cryptoasset Business Registration (MLRs 2017)
FCA
Where it can be licensed
Frequently asked questions
What security standards are typically required for VASP custody licensing?
Supervisors typically require multi-signature or multi-party computation (MPC) protocols, physical hardware security modules (HSMs), geographically distributed key shards, and strict operational separation between the firm's own assets and client safekeeping reserves.
Can a non-EU custodial wallet provider service international clients?
Often, under reverse solicitation, yes. But active marketing, local advertising or running local banking rails in an onshore jurisdiction usually crosses the line and triggers mandatory local registration or a full custodial licence there.
Sources
- FATF Glossary: virtual asset service provider (iv) · retrieved 2026-09-24
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