VASPnet’s new product feature makes crypto due diligence faster and easier

Considering the fragmented landscape of virtual asset regulation globally, many virtual asset service providers (VASPs) have established legal entities in more than one country in order to service an international customer base. This has made it difficult for financial institutions and VASPs conducting due diligence on other VASPs to identify the global footprint of such legal entities, some of which have names completely unlike the name they operate with.

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To alleviate the burden of this challenge, VASPnet released an enhancement to the existing VASPdata product that allows existing users the ability to run a single search on a top VASP and subsequently identify all regulatory data known to VASPnet on the legal entities it is associated with. Conversely, in the case that a user has identified a single regulatory record on a VASP legal entity, they are also able to see if it is associated with regulatory records on other entities.

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The ability to obtain all known VASP records for a particular crypto firm in a single search helps financial institutions more easily identify the specific VASP they are working with and determine its regulatory status. This simplifies and streamlines the due diligence process and alleviates the need to perform individual searches for multiple unique legal entities.

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The initial release covers ten of the world’s top VASPs, and more are slated to be rolled out in the coming weeks. This feature enhancement marks the first in a series of releases that will build the foundation of a new VASPnet product, VASP360, a tool that will leverage VASPnet’s regulatory and non-regulatory data sources to provide users with a more comprehensive, 360-degree view of a VASP and its place in the virtual asset ecosystem.

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Learn more about how VASPnet’s existing product helps financial institutions make risk-based decisions about the VASPs they do business with.