VASPnet’s off-chain regulatory data on virtual asset service providers (VASPs) to strengthen crypto due diligence for Elliptic clients.
LONDON, 11 JULY 2024: Elliptic, a leading provider of crypto compliance solutions, is working with VASPnet, the world’s assured source of regulatory reference data on virtual asset service providers (VASPs), to integrate real-time, high-quality data on the regulatory status of VASPs into its product offering.
Sourced directly from 92 regulators in 74 countries, VASPnet data allows financial institutions to understand whether clients and vendors are permitted to conduct virtual asset activities and VASPs to determine whether a counterpart VASP is regulated before choosing to transact with it. As a result of the data integration, Elliptic clients will have the information they need to undertake more adequate due diligence on VASPs and comply with the Financial Action Task Force’s Recommendation 16.
VASPnet’s CEO Neil Samtani notes that “compliance tools that give financial institutions the ability to make comprehensive, accurate risk assessments regarding crypto clients, vendors or firms they transact with strengthen the overall integrity and security of the virtual asset ecosystem”.
The partnership marks a key step towards the creation of more collaborative, comprehensive compliance solutions for financial institutions looking to detect and prevent illicit crypto activities and build a more transparent, safer future for virtual assets.
Elliptic
press@elliptic.co
VASPnet
Alexandra Walters
alexandra@vaspnet.com
Elliptic is the global leader in crypto asset risk management for crypto businesses, governments and financial institutions worldwide.
Recognised as a WEF Technology Pioneer and backed by investors including J.P. Morgan, Wells Fargo Strategic Capital, SBI Group, and Santander Innoventures, Elliptic has assessed risk on transactions worth several trillion dollars, uncovering activities related to money laundering, terrorist fundraising, fraud, and other financial crimes.
Elliptic is headquartered in London with offices in New York, Singapore and Tokyo. To learn more, visit www.elliptic.co.
VASPnet is the world’s assured source of regulatory reference data on virtual asset service providers (VASPs). Our VASPdata platform gives public and private sector entities the information they need to make well-informed, risk-based decisions on the VASPs they do business with. VASPnet is an XReg company, an international public policy and regulatory affairs consultancy specialising in crypto. Visit www.vaspnet.com to find out more.
