#vasps

me late at night in my house whenever I hear some buzzing noise: *takes crucifix* bEEs??¿¿??

➤ The article defines Digital Asset Service Providers (DASPs) or Virtual Asset Service Providers (VASPs) as businesses facilitating digital asset services, acting as a bridge between users and crypto markets. ➤ It highlights the increasing regulatory scrutiny in 2026, with frameworks like MiCA, DAC8, and CARF mandating licenses, KYC, AML, and transaction reporting, pushing crypto closer to traditional finance. ➤ DASPs are prioritizing security, custody, and transparency due to investor concerns, signaling a maturing and more regulated digital asset ecosystem.

➤ South Korea's crypto sector is pushing back against proposed AML rule changes that would mandate reporting of all overseas-linked transfers over 10 million won as suspicious. ➤ Industry bodies like DAXA warn these changes could drastically increase SAR filings, overwhelming compliance operations and potentially hindering legitimate activity. ➤ The proposed rules are part of a global trend towards tighter crypto regulation, but exchanges are also challenging existing sanctions in court, highlighting tensions between enforcement and practical compliance.

➤ South Korea's crypto industry, represented by DAXA, is pushing back against proposed AML regulations that would classify all overseas-linked transfers over 10 million won as suspicious. ➤ The industry group warns that this blanket approach could lead to an 85-fold increase in suspicious activity reports, overwhelming compliance systems and regulators. ➤ The proposed changes, currently in public consultation, highlight a tension between the desire for stricter oversight and the practical challenges of implementation, with ongoing court cases also shaping the regulatory landscape.

➤ Virtual Asset Service Providers (VASPs), such as crypto exchanges, are becoming crucial infrastructure for Africa's digital financial future, enabling faster, lower-cost cross-border payments and expanding financial inclusion. ➤ Regulated VASPs implement robust security measures like 2FA, KYC, and AML frameworks to protect user funds and combat illicit activities, fostering trust and institutional participation. ➤ While regulatory clarity is evolving across the continent, VASPs are supporting fintech innovation and economic participation, though risks like volatility and scams remain considerations.

➤ Pakistan has lifted a seven-year ban on cryptocurrency banking, allowing financial institutions to serve registered virtual asset service providers (VASPs) following the passage of the Virtual Assets Act. ➤ This move aims to integrate digital assets into the formal financial system, attract foreign investment, and position Pakistan as an emerging digital asset hub, despite ongoing concerns about AML and market volatility. ➤ The country is actively seeking global partnerships and exploring initiatives like stablecoin integration and tokenization of real-world assets to modernize its financial infrastructure.

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