Cryptic poser: Does your rival find you fit and proper for crypto biz?

In a regulatory void, judging the 'fit and proper' quality of a new applicant has been left to existing virtual digital asset (VDA) service providers (SPs). Some of the applicants are discovering that the rule, introduced early this year, not only runs into conflict of interests, but poses other complexities as cryptos are vulnerable to money laundering and cyber heists.