# Virtual asset exchange (FATF) Source page: https://protegra.io/licensing/activities/vasp-exchange/ Outside the EU, exchanging virtual assets for fiat currency or other virtual assets needs a virtual asset service provider (VASP) licence or a money transmitter / money services business (MSB) registration under FATF Recommendations. Dubai, Singapore and the US each add their own anti-money-laundering registration, fit-and-proper testing and local supervision on top. ## Definition Exchanging virtual assets for fiat currency or for other virtual assets as a business, as defined in the FATF glossary. - FATF, Glossary: virtual asset service provider (i), (ii): [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/) - [Money transmitter / money services business (MSB)](https://protegra.io/licensing/licences/money-transmitter/) - [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/) - [MSB · CanadaMoney services business (MSB) registrationMoney services business (MSB) registration (covers foreign exchange dealing, money transferring, virtual currency dealing, crowdfunding platforms and related services; a separate foreign-MSB registration applies to businesses without a place of business in Canada that direct services at Canadians)FINTRAC](https://protegra.io/licensing/licences/money-transmitter/canada/) - [VASP · Cayman IslandsVirtual Asset Service Provider RegistrationCIMA](https://protegra.io/licensing/licences/vasp/cayman-islands-registration/) - [VASP · Dubai (VARA)Virtual Asset Exchange Services LicenceVARA · capital AED 1,500,000](https://protegra.io/licensing/licences/vasp/dubai-exchange/) - [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 · IrelandVirtual Asset Service Provider AML/CFT RegistrationCBI](https://protegra.io/licensing/licences/vasp/ireland/) - [VASP · MauritiusVirtual Asset Broker-Dealer (Class M)FSC](https://protegra.io/licensing/licences/vasp/mauritius-class-m/) - [VASP · MauritiusVirtual Asset Market Place (Class S)FSC](https://protegra.io/licensing/licences/vasp/mauritius-class-s/) - [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/) | | ✓ | | [Canada: Money services business (MSB) registration](https://protegra.io/licensing/licences/money-transmitter/canada/) | | ✓ | | [Cayman Islands: Virtual Asset Service Provider Registration](https://protegra.io/licensing/licences/vasp/cayman-islands-registration/) | | ✓ | | [Dubai (VARA): Virtual Asset Exchange Services Licence](https://protegra.io/licensing/licences/vasp/dubai-exchange/) | | ✓ | | [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/) | | ✓ | | [Ireland: Virtual Asset Service Provider AML/CFT Registration](https://protegra.io/licensing/licences/vasp/ireland/) | | ✓ | | [Mauritius: Virtual Asset Broker-Dealer (Class M)](https://protegra.io/licensing/licences/vasp/mauritius-class-m/) | | ✓ | | [Mauritius: Virtual Asset Market Place (Class S)](https://protegra.io/licensing/licences/vasp/mauritius-class-s/) | | ✓ | | [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 anti-money-laundering obligations apply to FATF-registered crypto exchanges? A regulated exchange runs customer due diligence, monitors transactions on an ongoing basis and reports suspicious activity to the financial intelligence unit. It also needs a travel rule solution that transmits verified originator and beneficiary details on every cross-border transfer. ### Can a non-EU VASP exchange licence be passported internationally? No. A VASP licence carries no international passport. One obtained in Singapore or Dubai applies strictly to that domestic market, so the operator needs a separate local authorisation in every other country where it actually solicits customers. ## Sources 1. [FATF Glossary: virtual asset service provider (i), (ii)](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.