VASP registration Costa Rica – What you need to know

When dealing with VASP registration Costa Rica, the process of registering as a Virtual Asset Service Provider under Costa Rican law. Also known as Virtual Asset Service Provider registration, it lays the groundwork for any crypto exchange, wallet or custodial service that wants to operate openly in the country. A VASP (Virtual Asset Service Provider) is any entity that offers services such as exchange, transfer, safekeeping or advisory for crypto assets must follow the rules set out in Bill 22.837, the legislative proposal that defines licensing, reporting and consumer‑protection standards for crypto businesses in Costa Rica. Finally, AML compliance, the set of anti‑money‑laundering measures including customer due‑diligence, transaction monitoring and reporting obligations is a non‑negotiable part of the whole package. In short, VASP registration Costa Rica encompasses compliance with Bill 22.837, requires AML compliance, and enables access to formal banking services. Bill 22.837 influences how crypto firms operate in Costa Rica, while VASP registration Costa Rica also unlocks the ability to partner with regulated financial institutions.

Why the registration matters and what the law demands

Without proper registration, a crypto platform faces shut‑downs, fines or even criminal charges. The Costa Rican government introduced Bill 22.837 to bring the sector in line with FATF standards, meaning every VASP must prove it can detect and prevent illicit flows. The law forces firms to file a detailed application that includes a business plan, proof of capital, internal controls and a designated compliance officer. Once approved, the provider receives a license that signals legitimacy to users, banks and investors. This legitimacy translates into lower transaction fees, easier fiat on‑ramps, and the confidence to attract institutional partners. Moreover, the bill requires regular AML audits, suspicious activity reports (SARs) and persistent KYC updates, turning compliance into an ongoing operational cost rather than a one‑time hurdle.

Getting the paperwork right is half the battle. First, compile corporate documents – articles of incorporation, shareholder lists and board minutes – all translated into Spanish. Next, draft an AML policy that aligns with Costa Rican regulations: identify risk levels, set transaction thresholds, and outline staff training schedules. The application also asks for a technical description of the platform’s architecture, including any smart‑contract audit reports if you run a DEX. After submission, the regulator reviews the file, may request additional information, and typically issues a decision within 90 days. Successful applicants must then register with the Costa Rican tax authority (DGII) and obtain a tax identification number (NIT). Failure to follow any of these steps can trigger penalties ranging from monetary fines to revocation of the license.

For crypto entrepreneurs, the good news is that the process, while thorough, is clearer than it used to be. Many local law firms now offer VASP‑registration packages that bundle document preparation, AML policy drafting and liaison with the regulator. Some even provide template KYC forms that satisfy both local and international standards. The key is to treat compliance as a core component of your business model, not an afterthought. By investing in robust AML compliance early, you not only dodge regulatory headaches but also build trust with users who care about security and transparency. In the sections below you’ll find deep dives into each step, practical checklists, and real‑world examples of companies that have navigated the Costa Rican crypto landscape successfully.