The Financial Intelligence Unit (FIU) of the UK Financial Services Commission accepted a report on virtual asset businesses (VASPs) for the first time in a year. The targets of the repair are virtual asset infrastructure company DSRV and virtual asset custody company Bidax.
On September 9, the FIU stated on its website that it had “accepted VASP reports from DSRV and Bidax.”
This is the first time the Financial Intelligence Unit has accepted VASP reports in about a year, since August 2023.
The DSRV is due to submit its report in October 2023 and obtain a certificate of repair in about a year.
Bidax submitted the report in February 2024 and completed the repair in about half a year.
The industry attributes the lack of reporting and acceptance over the past year to the Virtual Asset User Protection Law, which came into effect in July.
On September 9, an industry insider explained to Digital Assets that “with the passage of the Virtual Asset User Protection Act of 25, new conditions have been added when submitting VASP reports.”
He also said that “as incidents and incidents related to virtual assets continue to occur in 2023, VASP reporting requirements will become more stringent.”