A new requirement was added requiring virtual digital asset service providers to register with FIU-IND as reporting entities.
Before
The previous page displayed only an error message and contained no regulatory obligations.
After
Virtual digital asset service providers must register with FIU-IND as reporting entities.
Source: FIU-IND — VASP Registration & AML Obligations
View original source →What this means for you
Centralized Exchange
Act nowWhy this matters
As a CEX, the company fits the definition of a virtual digital asset service provider and is explicitly responsible for reporting obligations to regulators. Failure to register with FIU-IND as a reporting entity would likely result in the company being unable to legally operate in the jurisdiction.
What to do
Submit the required registration application to FIU-IND to be recognized as a reporting entity.
DeFi Protocol
Doesn't applyWhy this matters
The regulatory change applies to 'service providers,' which implies a legal entity or operator. As a fully decentralized protocol with no identifiable operator, owner, or controlling party, there is no entity to which the registration obligation can attach.
Custodian
Act nowWhy this matters
As a company holding crypto-assets for clients, the Custodian qualifies as a virtual digital asset service provider. Failure to register as a reporting entity with FIU-IND would likely result in the company operating illegally within the jurisdiction.
What to do
Submit the required registration application to FIU-IND to be recognized as a reporting entity.