Cryptocurrency & VASPs in Emerging Markets

AML compliance for crypto exchanges and virtual asset service providers in Africa & Asia

Crypto compliance setup in an emerging market, with a closed laptop, smartphone, and hardware wallet on a desk—representing AML tools for virtual asset service providers (VASPs) and crypto exchanges.
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Africa & Asia Focused
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Compliance Solutions for Crypto

Cost-effective AML & KYC technology for virtual asset service providers

The rapid expansion of the cryptocurrency industry across Sub-Saharan Africa, South Asia, and Southeast Asia has brought increased regulatory scrutiny, fraud risks, and compliance challenges. Crypto exchanges, trading platforms, and Virtual Asset Service Providers (VASPs) in these regions must navigate evolving anti-money laundering (AML) laws, know-your-customer (KYC) requirements, and sanctions screening.

Anqa AML provides a cost-effective, AI-driven compliance solution tailored for crypto institutions in emerging markets, ensuring AML/KYC compliance aligned with local regulations, fraud prevention, and seamless digital onboarding without heavy operational overhead.

Key Challenges

  • Rising Crypto-Related Fraud – $14B in illicit crypto transactions recorded in 2023, a 25% increase from previous years.
  • Stricter AML & KYC Regulations – Regulators worldwide, including FATF, FinCEN, and the EU, are enforcing tougher compliance measures on VASPs.
  • High-Risk Transactions – Over 40% of illicit crypto transactions involve cross-border money laundering activities.
  • Customer Drop-Offs in Onboarding – 30% of crypto users abandon platforms due to slow verification processes.
  • DeFi & Anonymity Risks – Decentralized finance platforms and privacy coins pose major AML compliance challenges.

Our Solutions

  • 01Quick & Seamless Digital Onboarding – AI-powered KYC reduces customer drop-offs, speeds up verification, and ensures smooth onboarding.
  • 02Cost-Effective AML Compliance – No need for expensive infrastructure or large compliance teams—we automate the process.
  • 03Risk-Based Transaction Monitoring – AI-driven analytics detect suspicious activity instantly to prevent financial fraud.
  • 04Easy-to-Integrate API & No-Code Options – No need for heavy IT investments—simple plug-and-play solutions tailored for Crypto Service Providers.
  • 05Comprehensive Blockchain Intelligence – Identify high-risk wallet addresses and transaction patterns across blockchain networks.

Why Choose Us

Purpose-Built

Designed for exchanges, VASPs, DeFi platforms, and NFT marketplaces.

AI-Driven & Real-Time

Advanced analytics ensure instant fraud detection and compliance monitoring.

Regulatory Expertise

Developed by professionals with deep knowledge of global crypto regulations.

Crypto Platforms FAQs

  • Crypto exchanges and wallet providers (VASPs) must:

    • Perform KYC on all users

    • Screen for sanctions and PEP exposure

    • Monitor blockchain activity for unusual behaviour

    • File STRs with local FIUs

    • Conduct ongoing risk assessments and adjust controls accordingly

  • Tools include:

    • ID verification (e.g. passport + selfie)

    • IP tracking and transaction pattern analysis

    • Blockchain wallet scoring based on exposure to darknet or mixers

    Risk levels determine whether to apply Enhanced Due Diligence (EDD)

  • Crypto platforms use tools like:

    • Digital ID verification (passport scans, biometric checks)

    • IP address tracking and geolocation

    • Blockchain analytics to assess wallet risk

    • Email/phone verification and liveness detection

    Anqa Compliance supports simplified onboarding workflows for crypto firms operating across borders.

  • Crypto is borderless, but compliance is not. Firms must screen wallets and identities against major sanctions lists and use blockchain analytics to flag risk.

  • Common requirements include:

    • Know Your Customer (KYC) checks

    • Customer risk rating and due diligence

    • Sanctions and PEP screening

    • Transaction monitoring and flagging of suspicious activity

    • Recordkeeping and regulatory reporting

    Some countries require crypto firms to register with the financial regulator or central bank.

  • Watch for:

    • Mixing services or tumblers

    • Rapid movement between wallets with no clear economic reason

    • Use of privacy coins (e.g., Monero)

    • Incoming funds from darknet or high-risk exchanges

    • Multiple small deposits below reporting thresholds

  • Yes—if the platform facilitates custody, transfers, or wallet services, it may be classified as a VASP. Some regulators are cracking down on unlicensed P2P crypto operators, especially when used for remittances or cross-border payments.

  • The Travel Rule requires VASPs to share sender and receiver information for crypto transfers over a certain threshold (often around USD $1,000). While implementation varies, global pressure (e.g. from the FATF) is pushing regulators in Africa and Asia to enforce it—especially for exchanges with international exposure.

  • Yes. Blockchain is transparent by design. AML tools now use blockchain analytics to:

    • Trace transaction histories

    • Flag risky wallets

    • Detect unusual patterns

    • Link pseudonymous addresses to real-world identities

    Anqa integrates with third-party analytics to make this easier for small and mid-sized crypto firms.

  • Depending on the jurisdiction:

    • Unregistered crypto platforms may be banned or fined

    • Executives can face criminal charges

    • Exchanges can be cut off from payment providers or bank accounts

    • Customer assets may be frozen

    • Reputation damage can be immediate and global

Ready to streamline compliance for your crypto compliance?

Get in touch to learn how Anqa can help your firm meet regulatory requirements while enhancing client service.

Contact Us Crypto Compliance Guide