🇨🇷 Costa Rica Introduces a New Regulatory Framework for Crypto Businesses
Costa Rica has taken an important step toward formal regulation of the digital-asset industry with Law No. 10961, introducing a dedicated framework for Virtual Asset Service Providers (VASPs).
Under the new rules, businesses providing crypto exchange, virtual-asset transfers, custody and certain services connected with the issuance or sale of virtual assets will fall within the new VASP framework and be required to register with SUGEF, Costa Rica’s financial supervisory authority.
The framework places particular emphasis on AML/CFT compliance, including customer and beneficial-owner identification, risk assessments, transaction records, suspicious-transaction reporting and controls for virtual-asset transfers.
What activities are covered?
• Crypto ↔ fiat exchange
• Crypto ↔ crypto exchange
• Virtual-asset transfers
• Custody and administration of virtual assets
• Certain services related to issuance, offering, marketing and sale of virtual assets
Capital requirement: The new law does not establish a universal statutory minimum paid-up capital amount for VASPs. Additional prudential or operational requirements may depend on subsequent CONASSIF/SUGEF regulations and the specific activities of the applicant.
B2B Hub service package: USD 26,000
Our package can cover the Costa Rican company structure, VASP registration process, application preparation and AML/KYC compliance documentation required for the project.
For crypto businesses looking at Latin America, Costa Rica is now considerably more interesting: instead of operating in a largely undefined environment, VASPs are moving into a formally recognised AML/CFT supervisory framework.
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