dVASP Glossary

These definitions support consistent internal discussion. Where a term has a legal definition, use the applicable source and jurisdiction rather than relying on this summary.

Admin key

A credential or role that can change, pause, redirect, or otherwise administer a smart contract or related system.

CASP

Crypto-asset service provider, a term used in the European Union’s Markets in Crypto-Assets framework for defined crypto-asset services.

Control map

A record of who can cause, prevent, shape, or profit from material system outcomes, through which mechanisms and constraints.

Counterparty discovery

The process of identifying or classifying the institution, person, wallet, or smart contract on the other side of a transfer.

dVASP

A site-defined shorthand for a decentralized virtual asset service provider model under analysis; not a universal legal category.

DeFi

Decentralized finance: financial or asset-related applications using distributed systems and smart contracts, often with varying degrees of human control.

Governance token

A token used to propose, vote, delegate, or otherwise influence a protocol or organization. Actual power depends on rules and participation.

Hosted wallet

A wallet or account in which a service provider controls or safeguards relevant credentials or assets for a user.

Inherent risk

Risk before considering the effect of controls.

MPC

Multi-party computation, which can distribute cryptographic signing across participants or systems. Its risk implications depend on implementation.

Originator and beneficiary data

Information associated with the sender and recipient of a qualifying transfer under applicable transfer-information rules.

Practical influence

Real-world ability to shape decisions or operations even without formal legal or voting authority.

Residual risk

Risk remaining after the design and operating effectiveness of controls are considered.

Self-hosted wallet

A wallet where the user or another non-provider party controls the relevant keys; also described in some contexts as unhosted.

Smart-contract proxy

A pattern that allows contract logic to be changed through an implementation address, subject to its administration design.

Travel Rule

A shorthand for requirements to obtain, hold, and transmit specified originator and beneficiary information for qualifying transfers.

VASP

Virtual asset service provider, a term used in FATF standards and implemented through national frameworks with potentially differing details.

Wallet attribution

Evidence associating an address or cluster with a person, service, or activity, usually with a stated level of confidence.