Virtual Assets Service Provider

A. Definition of the reporting entity

Virtual assets are any digital representation of value that can be digitally traded or transferred and can be used for payment or investment purposes.

In this way, virtual assets service providers (VASP) are considered as a parties under obligation. It is a VASP any natural or legal person who as a business conducts on or more of the following activities or operations for on behalf of another natural o legal person:

  • i) Exchange between virtual assets and fiat currencies;
  • ii) Exchange between one or more forms of virtual assets;

iii) Transfer of virtual assets;

  • iv) Safekeeping or administration of virtual assets or instruments enabling control over virtual assets;
  • v) Participation in and provision of financial services related to an issuer’s offer or initial sale of a virtual asset.

Non-resident natural and legal persons carrying out activities of equal nature as the aforementioned in the Principality of Andorra are also considered to be reporting entities.

B. Obligations of the reporting entity

The main obligations attributed to the operating entities of the financial system in the matter of the prevention of money laundering and terrorist financing are the following: