HeroPay is proud to announce the acquisition of a Virtual Asset Service Provider (VASP) license. This significant step demonstrates the platform’s commitment to transparency, security, and compliance.
What is a VASP License?
A Virtual Asset Service Provider (VASP) license in the European Union allows companies to legally conduct activities related to virtual assets, such as cryptocurrencies. This license is in line with the EU’s anti-money laundering (AML) and counter-terrorist financing (CTF) regulations, specifically under the 5th Anti-Money Laundering Directive (5AMLD). Furthermore, it aligns with the upcoming Markets in Crypto-Assets (MiCA) regulation, which aims to create a comprehensive regulatory framework for crypto-assets across the EU.
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The VASP license ensures that companies comply with stringent regulatory standards designed to increase transparency and protect against financial crime. With this license, HeroPay can:
• Buy and sell cryptocurrencies for fiat currency or other digital assets.
• Provide custody and management services for crypto assets on behalf of third parties.
• Facilitate the transfer of cryptocurrencies between users.
The Benefits of a VASP License
Holding a VASP license requires strict adherence to security protocols and regulatory compliance measures. This commitment helps protect users’ assets and personal information from fraud, hacking, and other malicious activities, ensuring the safety and security of users’ funds.
Additionally, obtaining a VASP license in the EU provides legal authorization to operate, enhancing HeroPay’s credibility and reputation both locally and internationally. The upcoming MiCA regulation further reinforces this by establishing a unified regulatory approach across the EU, offering greater legal certainty and investor protection. Compliance with MiCA will also ensure that HeroPay meets future regulatory requirements, making it a forward-thinking and trustworthy partner in the crypto-asset space.
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