Is my activity or operation that of a Virtual Asset Service Provider?

We supervise financial institutions (Fis) for anti-money laundering, countering the financing of terrorism and countering proliferation financing purposes. This includes natural or legal persons or arrangement that carries on the business of conducting one or more of the activities or operations above to, for or on behalf of another natural or legal person or arrangement.

VASPs are described in Part 4 of Schedule 2 of the Proceeds of Crime (Jersey) Law 1999. They are categorised as:

(a) Exchange between virtual assets and fiat currencies,

(b) Exchange between one or more forms of virtual assets,

(c) Transfer of virtual assets,

(d) Safekeeping or administration of virtual assets or instruments enabling control over virtual assets,

(e) Participation in and provision of financial services related to an issuer’s offer and/or sale of a virtual asset.

“Transfer”, in relation to virtual assets, means to conduct a transaction on behalf of another natural or legal person or arrangement that moves a virtual asset from one virtual asset address or account to another.

If you or your business wish to conduct supervised activity, consideration should be given to registration obligations before beginning to conduct that business.

Please note AML Service Providers cannot complete an application on behalf of a VASP, the VASP must complete the application form.