Thanks for the clear explanation—that’s actually really helpful. The way you described VASP makes it much easier to understand why it’s not just a formality but something that directly impacts how a business operates day to day.
Your colleague’s experience is a good example too. A lot of people probably underestimate how critical AML/KYC and proper registration are until they run into issues with banks or partners. Having to restructure everything later sounds like a headache that could’ve been avoided with the right setup from the start.