What services and oversight applies to Crypto Asset Service Providers?
In simple terms, the above 7 entities can be distinguished between local and EEA CASP.
A Crypto Asset Service Providers can be classified in one of three ways however the most common service offered is that of acting as an exchange between (i) crypto-assets and fiat currency; (ii) crypto-assets; and (iii) Management, transfer, holding and/or safekeeping, including custody, of crypto-assets or cryptographic keys or means which allow the exercise of control over crypto-assets.
In other words . . . a crypto exchange and crypto wallet.
BUT, if we consider CySEC’s warning to heart, the oversight imposed on CASP mostly relates to Money Laundering and Terrorist Financing Law along with other minor fit and proper tests. Meaning that the oversight imposed on other CySEC registered entities is discounted or/and not applicable to CASP. So from a regulatory perspective CASPs are light work … or are they?
