# Virtual asset safekeeping (FATF)

Source page: https://protegra.io/licensing/activities/vasp-custody/

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](https://www.fatf-gafi.org/en/pages/fatf-glossary.html)

## Which licence you need

Licence families that typically permit this activity:

- [Virtual asset service provider (non-MiCA)](https://protegra.io/licensing/licences/vasp/)

- [VASP · Abu Dhabi Global Market (ADGM)VASP licenceFinancial Services Permission with Virtual Asset Activities EndorsementFSRA · capital USD 250,000](https://protegra.io/licensing/licences/vasp/adgm/)
- [VASP · AustraliaVASP licenceRegistration as a virtual asset service provider (VASP) on the AUSTRAC Virtual Asset Service Provider Register (formerly the Digital Currency Exchange Register)AUSTRAC](https://protegra.io/licensing/licences/vasp/australia/)
- [VASP · BermudaDigital Asset Business Class F (Full) LicenceBMA](https://protegra.io/licensing/licences/vasp/bermuda-f/)
- [VASP · BermudaDigital Asset Business Class M (Modified) LicenceBMA](https://protegra.io/licensing/licences/vasp/bermuda-m/)
- [VASP · BermudaDigital Asset Business Class T (Test) LicenceBMA](https://protegra.io/licensing/licences/vasp/bermuda-t/)
- [VASP · British Virgin IslandsVirtual Assets Service Provider RegistrationBVI FSC](https://protegra.io/licensing/licences/vasp/bvi/)
- [VASP · Cayman IslandsVirtual Asset Service Provider RegistrationCIMA](https://protegra.io/licensing/licences/vasp/cayman-islands-registration/)
- [VASP · Dubai (VARA)Virtual Asset Custody Services LicenceVARA · capital AED 600,000](https://protegra.io/licensing/licences/vasp/dubai-custody/)
- [VASP · Dubai International Financial Centre (DIFC)Financial Services Permission with Crypto Token Activities EndorsementDFSA · capital USD 1,000,000](https://protegra.io/licensing/licences/vasp/difc/)
- [VASP · El SalvadorProveedor de Servicios de Activos Digitales (PSAD) registrationCNAD · capital USD 2,000](https://protegra.io/licensing/licences/vasp/el-salvador/)
- [VASP · GermanyQualified crypto custody licenceBaFin](https://protegra.io/licensing/licences/vasp/germany-custody/)
- [VASP · IrelandVirtual Asset Service Provider AML/CFT RegistrationCBI](https://protegra.io/licensing/licences/vasp/ireland/)
- [VASP · MauritiusVirtual Asset Custodian (Class R)FSC](https://protegra.io/licensing/licences/vasp/mauritius-class-r/)
- [VASP · SeychellesVirtual Asset Service Provider Licence / RegistrationVirtual Asset Service Provider Licence / Registration (Wallet Provider, Exchange, Broking, Investment Provider) under the Virtual Asset Service Providers Act 2024FSA](https://protegra.io/licensing/licences/vasp/seychelles/)
- [VASP · South AfricaCrypto Asset Service Provider licenceCrypto Asset Service Provider licence (an FSP authorisation category under FAIS, not a MiCA-equivalent regime)FSCA](https://protegra.io/licensing/licences/vasp/south-africa/)
- [VASP · SwitzerlandFinancial intermediary / VASP SRO affiliationFINMA · capital CHF 10,000,000](https://protegra.io/licensing/licences/vasp/switzerland/)
- [VASP · United KingdomCryptoasset Business Registration (MLRs 2017)FCA](https://protegra.io/licensing/licences/vasp/united-kingdom/)

## Where it can be licensed

| | EU/EEA passport | Domestic |
| --- | --- | --- |
| [Abu Dhabi Global Market (ADGM): VASP licence](https://protegra.io/licensing/licences/vasp/adgm/) | | ✓ |
| [Australia: VASP licence](https://protegra.io/licensing/licences/vasp/australia/) | | ✓ |
| [Bermuda: Digital Asset Business Class F (Full) Licence](https://protegra.io/licensing/licences/vasp/bermuda-f/) | | ✓ |
| [Bermuda: Digital Asset Business Class M (Modified) Licence](https://protegra.io/licensing/licences/vasp/bermuda-m/) | | ✓ |
| [Bermuda: Digital Asset Business Class T (Test) Licence](https://protegra.io/licensing/licences/vasp/bermuda-t/) | | ✓ |
| [British Virgin Islands: Virtual Assets Service Provider Registration](https://protegra.io/licensing/licences/vasp/bvi/) | | ✓ |
| [Cayman Islands: Virtual Asset Service Provider Registration](https://protegra.io/licensing/licences/vasp/cayman-islands-registration/) | | ✓ |
| [Dubai (VARA): Virtual Asset Custody Services Licence](https://protegra.io/licensing/licences/vasp/dubai-custody/) | | ✓ |
| [Dubai International Financial Centre (DIFC): Financial Services Permission with Crypto Token Activities Endorsement](https://protegra.io/licensing/licences/vasp/difc/) | | ✓ |
| [El Salvador: Proveedor de Servicios de Activos Digitales (PSAD) registration](https://protegra.io/licensing/licences/vasp/el-salvador/) | | ✓ |
| [Germany: Qualified crypto custody licence](https://protegra.io/licensing/licences/vasp/germany-custody/) | | ✓ |
| [Ireland: Virtual Asset Service Provider AML/CFT Registration](https://protegra.io/licensing/licences/vasp/ireland/) | | ✓ |
| [Mauritius: Virtual Asset Custodian (Class R)](https://protegra.io/licensing/licences/vasp/mauritius-class-r/) | | ✓ |
| [Seychelles: Virtual Asset Service Provider Licence / Registration](https://protegra.io/licensing/licences/vasp/seychelles/) | | ✓ |
| [South Africa: Crypto Asset Service Provider licence](https://protegra.io/licensing/licences/vasp/south-africa/) | | ✓ |
| [Switzerland: Financial intermediary / VASP SRO affiliation](https://protegra.io/licensing/licences/vasp/switzerland/) | | ✓ |
| [United Kingdom: Cryptoasset Business Registration (MLRs 2017)](https://protegra.io/licensing/licences/vasp/united-kingdom/) | | ✓ |

## 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

1. [FATF Glossary: virtual asset service provider (iv)](https://www.fatf-gafi.org/en/pages/fatf-glossary.html): retrieved 2026-09-24

Last verified 2026-09-24 · Author: Danil Marmysh · Reviewed by Anastasia Sidorenkova · © Protegra. Data: CC BY 4.0, cite "Protegra Licensing Atlas". Not legal advice.