Legal Advisory on Current Regulation Status for the U.S. and BVI Hot Wallet Service Providers

After the Financial Action Task Force adopted international standards, issued a public statement,and imposed observation obligation upon member nations, regulations on VASP are going through rapid changes around the globe. Whether hot wallet service providers, who store and save clients’ personal keys, hold the obligation to obtain the license of or declare themselves as VASPs is now falling within the scope of regulations. During the phase of regulation changes, Cha & Kwon will provide prompt and precise updates on VASP regulations around the globe.