Law on Virtual Asset Service Providers
Also known as: Mongolia Law on Virtual Asset Service Provider (2021)
Overview
Key Details
Jurisdiction
MongoliaRegulator
Financial Regulatory Commission of Mongolia
Law Type
Act
Status
In ForceOfficial Law Number
Legalinfo lawId=16390242606091; adopted 2021-12-17
Official Title
Law on Virtual Asset Service Providers
Effective Date
February 24, 2022
Publication Date
December 17, 2021
Last Verified
August 26, 2026
Topics Covered
Who This Law Applies To
Key Requirements
The law creates Mongolia's dedicated VASP perimeter. It defines virtual assets and covered services, limits registration to qualifying Mongolian companies, assigns supervision to the Financial Regulatory Commission and connects VASPs to AML/CFT legislation. Registered providers must maintain governance, internal controls, information security, customer-protection measures, records and regulatory reporting. Virtual assets are not treated as Mongolia's official currency or central-bank-authorised electronic money.
Key Provisions
FRC registration; covered exchange, transfer, custody and offering-related services; fit-and-proper governance; risk management and cyber controls; customer asset and information safeguards; AML/CFT compliance; records and reporting; inspection, suspension and cancellation powers.
Licensing & Registration
A legal entity must be registered by the Financial Regulatory Commission before providing covered virtual-asset services in or from Mongolia.
AML / CFT
VASPs fall within Mongolia's AML/CFT framework and must perform customer due diligence, beneficial-owner checks, transaction monitoring, recordkeeping and suspicious-transaction reporting.
Custody & Safeguarding
Custodial providers must protect customer assets, credentials and data through appropriate governance, security and operational controls.
Disclosure & Marketing
Providers must give customers accurate service and risk information and comply with restrictions on misleading conduct and regulatory reporting.
Market Integrity & Enforcement
The FRC may supervise, inspect, issue directions, suspend or cancel registration and apply statutory sanctions for violations.
Tax Treatment
Not comprehensively determined by this VASP Act; general Mongolian tax rules apply to relevant income and transactions.
Official Sources
Related Laws
Decision No. E/35/2023 — VASP Registration and AML/CFT Instructions
Decision No. E/35/2023 on Virtual Asset Service Provider Registration, Cancellation of Registration and AML/CFT Instructions
Oman's FSA Decision No. E/35/2023 requires registration with the Oman Financial Services Authority (formerly Capital Market Authority) before carrying on covered virtual-asset activities in the Sultanate of Oman. It implements AML/CFT, governance and compliance requirements, and provides registration, cancellation and supervisory procedures. This is a VASP registration/AML regime and should be distinguished from any future full licensing framework.
BCB Resolutions No. 519, 520 and 521 of 2025 — Virtual Asset Regulatory Framework
Resoluções BCB nos. 519, 520 e 521, de 10 de novembro de 2025
Brazil's Central Bank (BCB) Resolutions No. 519, 520 and 521 of 10 November 2025 implement the virtual-asset regulatory framework under the supervision of the Central Bank. Resolution 519 establishes VASP authorisation procedures; Resolution 520 sets activity, governance, controls, security and conduct requirements; Resolution 521 integrates specified virtual-asset operations into Brazil's foreign-exchange and international-capital rules. Commencement is staged during 2026 — verify the effective date for each resolution separately.
IOSCO Policy Recommendations for Crypto and Digital Asset Markets (2023)
Policy Recommendations for Crypto and Digital Asset Markets — Final Report (FR11/2023)
The IOSCO Policy Recommendations for Crypto and Digital Asset Markets (2023) contain 18 recommendations grounded in the principle of consistent regulation of economically equivalent activities. They address conflicts of interest, market manipulation, custody, disclosure, retail risks and cross-border cooperation. IOSCO recommendations are not self-executing domestic law — implementation depends on member regulators in their respective jurisdictions.
Utility Token Offering Act, 2018 (Act No. 4/2018)
Utility Token Offering Act, 2018 (Act No. 4 of 2018)
Anguilla's Utility Token Offering Act 2018 (Act No. 4/2018) is one of the world's earliest purpose-built utility-token offering frameworks. It creates registration requirements for utility-token issuers, sets offering, disclosure and issuer-qualification conditions, and works with AML regulations and later amendments. Verify the most recent consolidation — a 2020 amendment may affect the effective/status fields.
SBS Resolution No. 02648-2024 — AML/CFT Rules for VASPs
Resolución SBS N.° 02648-2024 — Normas para la Gestión de Riesgos de LA/FT aplicable a PSAVs
Peru's SBS Resolution No. 02648-2024 applies AML/CFT risk-management and compliance duties to virtual asset service providers (PSAVs) supervised by UIF-Peru. It requires customer due diligence, recordkeeping and suspicious-transaction reporting. The resolution also contains a travel-rule chapter, but commencement of the travel rule has been deferred to 1 January 2029 through a later amendment — the travel rule is not currently effective.
Financial Market Digitalisation Act (Finanzmarktdigitalisierungsgesetz — FinmadiG)
Gesetz zur Digitalisierung des Finanzmarktes (Finanzmarktdigitalisierungsgesetz — FinmadiG)
Germany's Financial Market Digitalisation Act (FinmadiG) aligns German financial-market law with MiCA and DORA, establishes national supervisory powers and enforcement mechanisms for BaFin, and addresses the transition from existing German crypto-custody regulation. It applies to German financial entities, CASPs and other firms affected by MiCA/DORA national implementation.
