FATF defines VASPs as entities that conduct certain specified activities involving virtual assets.

Licensing or registration as a VASP is required primarily for entities engaged in activities such as

safekeeping and/or administration of virtual assets or conducting exchanges between one or more

forms of virtual assets.

Cryptocurrency mining operations (A) and operating blockchain nodes (C) are generally excluded

from the VASP definition because they do not involve handling customer funds or providing financial

services. Virtual money service businesses (D) is a broader term that may include VASPs but not all

such businesses fall under VASP regulations unless they meet the activity criteria.

This aligns with the DFSA AML Module and FATF Recommendation 15, which regulate entities

providing virtual asset custody or exchange services to customers and require them to be licensed or

registered.