A new requirement was added requiring virtual digital asset service providers to register with FIU‑IND as reporting entities.
Before
The previous page contained no mention of any registration requirement for virtual asset service providers.
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 is a virtual digital asset service provider that handles customer funds and KYC/AML. Failure to register as a reporting entity with FIU-IND 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 an identifiable operator or entity. As a fully decentralized protocol with no operator, owner, or controlling party, there is no legal entity to which the registration requirement can attach.
Custodian
Act nowWhy this matters
As a company holding crypto-assets on behalf of 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.