Website unveils upgrades to aid businesses in identifying Virtual Asset Service Providers (VASPs)
In the rapidly evolving world of digital assets, understanding the risks associated with service providers is crucial. Enter VASP Risking, a solution designed to provide insights into the risks of Virtual Asset Service Providers (VASPs).
VASPs, which include exchanges, custody providers, and payment processors, play a significant role in the adoption and use of digital assets. However, their off-chain characteristics, such as legal entity names, regulatory licenses, and jurisdictional information, are essential for thorough due diligence and compliance.
Our website, a blockchain data platform, partners with Lukka to integrate off-chain information into VASP Risking. This partnership provides a more comprehensive view of a VASP, helping organizations make informed decisions.
Lukka, a company that solves financial, risk, compliance, and trade finance use cases complicated by blockchain data characteristics, offers software and data solutions for crypto assets used by financial institutions, tax professionals, enterprises, and consumers. Their award-winning data and software products are independently audited and designed to exceed institutional standards.
The principle of assessing VASP risks is often referred to as Know-Your-VASP. With VASP Risking, users can view and monitor a VASP's risk profile, understand its risk score, assess exposure and counterparties, and compare against all similar VASPs. This fast, clear, and actionable snapshot saves time and resources.
Our website's mission is to build trust in blockchains, blending safety and security with an unwavering commitment to growth and innovation. It's important to note that the material on our website is for informational purposes only and does not provide legal, tax, financial, or investment advice.
While our website does not guarantee or warrant the accuracy, completeness, timeliness, suitability, or validity of the information in this report, it offers a solution called VASP Risking to understand and screen VASP risks. The integration of off-chain data into VASP Risking provides a more comprehensive view of a VASP.
It's also worth mentioning that our website contains links to third-party sites that are not under the control of our website. Access to such information does not imply association, endorsement, or recommendation.
In 2024, over $40.9 billion in value was received by illicit addresses, highlighting the need for tools like VASP Risking to combat illicit activity and manage risk exposure. Our website is a platform that allows organizations to track illicit activity and develop innovative market solutions.
In conclusion, VASP Risking is a valuable tool for any organization involved in the digital asset space. By providing a comprehensive view of VASPs, it helps organizations make informed decisions, manage risk exposure, and build trust in the digital asset ecosystem.
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