Article 70 Safekeeping of clients’ crypto-assets and funds

Crypto-asset service providersmeans a legal person or other undertaking whose occupation or business is the provision of one or more crypto-asset services to clients on a professional basis, and that is allowed to provide crypto-asset services in accordance with Article 59; that hold crypto-assetsmeans a digital representation of a value or of a right that is able to be transferred and stored electronically using distributed ledger technology or similar technology; belonging to clientsmeans any natural or legal person to whom a crypto-asset service provider provides crypto-asset services; or the means of access to such crypto-assetsmeans a digital representation of a value or of a right that is able to be transferred and stored electronically using distributed ledger technology or similar technology; shall make adequate arrangements to safeguard the ownership rights of clientsmeans any natural or legal person to whom a crypto-asset service provider provides crypto-asset services;, especially in the event of the crypto-asset service providermeans a legal person or other undertaking whose occupation or business is the provision of one or more crypto-asset services to clients on a professional basis, and that is allowed to provide crypto-asset services in accordance with Article 59;’s insolvency, and to prevent the use of clientsmeans any natural or legal person to whom a crypto-asset service provider provides crypto-asset services;’ crypto-assetsmeans a digital representation of a value or of a right that is able to be transferred and stored electronically using distributed ledger technology or similar technology; for their own account.

Where their business models or the crypto-asset servicesmeans any of the following services and activities relating to any crypto-asset:providing custody and administration of crypto-assets on behalf of clients;operation of a trading platform for crypto-assets;exchange of crypto-assets for funds;exchange of crypto-assets for other crypto-assets;execution of orders for crypto-assets on behalf of clients;placing of crypto-assets;reception and transmission of orders for crypto-assets on behalf of clients;providing advice on crypto-assets;providing portfolio management on crypto-assets;providing transfer services for crypto-assets on behalf of clients; require holding clientsmeans any natural or legal person to whom a crypto-asset service provider provides crypto-asset services;’ fundsmeans funds as defined in Article 4, point (25), of Directive (EU) 2015/2366; other than e-money tokens, crypto-asset service providersmeans a legal person or other undertaking whose occupation or business is the provision of one or more crypto-asset services to clients on a professional basis, and that is allowed to provide crypto-asset services in accordance with Article 59; shall have adequate arrangements in place to safeguard the ownership rights of clientsmeans any natural or legal person to whom a crypto-asset service provider provides crypto-asset services; and prevent the use of clientsmeans any natural or legal person to whom a crypto-asset service provider provides crypto-asset services;’ fundsmeans funds as defined in Article 4, point (25), of Directive (EU) 2015/2366; for their own account.

Crypto-asset service providersmeans a legal person or other undertaking whose occupation or business is the provision of one or more crypto-asset services to clients on a professional basis, and that is allowed to provide crypto-asset services in accordance with Article 59; shall, by the end of the business day following the day on which clientsmeans any natural or legal person to whom a crypto-asset service provider provides crypto-asset services;’ fundsmeans funds as defined in Article 4, point (25), of Directive (EU) 2015/2366; other than e-money tokens were received, place those fundsmeans funds as defined in Article 4, point (25), of Directive (EU) 2015/2366; with a credit institutionmeans a credit institution as defined in Article 4(1), point (1), of Regulation (EU) No 575/2013 and authorised under Directive 2013/36/EU; or a central bank.

Crypto-asset service providersmeans a legal person or other undertaking whose occupation or business is the provision of one or more crypto-asset services to clients on a professional basis, and that is allowed to provide crypto-asset services in accordance with Article 59; shall take all necessary steps to ensure that clientsmeans any natural or legal person to whom a crypto-asset service provider provides crypto-asset services;’ fundsmeans funds as defined in Article 4, point (25), of Directive (EU) 2015/2366; other than e-money tokens held with a credit institutionmeans a credit institution as defined in Article 4(1), point (1), of Regulation (EU) No 575/2013 and authorised under Directive 2013/36/EU; or a central bank are held in an account separately identifiable from any accounts used to hold fundsmeans funds as defined in Article 4, point (25), of Directive (EU) 2015/2366; belonging to the crypto-asset service providersmeans a legal person or other undertaking whose occupation or business is the provision of one or more crypto-asset services to clients on a professional basis, and that is allowed to provide crypto-asset services in accordance with Article 59;.

Crypto-asset service providersmeans a legal person or other undertaking whose occupation or business is the provision of one or more crypto-asset services to clients on a professional basis, and that is allowed to provide crypto-asset services in accordance with Article 59; may themselves, or through a third party, provide payment servicesmeans payment services as defined in Article 4, point (3), of Directive (EU) 2015/2366; related to the crypto-asset servicemeans any of the following services and activities relating to any crypto-asset:providing custody and administration of crypto-assets on behalf of clients;operation of a trading platform for crypto-assets;exchange of crypto-assets for funds;exchange of crypto-assets for other crypto-assets;execution of orders for crypto-assets on behalf of clients;placing of crypto-assets;reception and transmission of orders for crypto-assets on behalf of clients;providing advice on crypto-assets;providing portfolio management on crypto-assets;providing transfer services for crypto-assets on behalf of clients; they offer provided that the crypto-asset service providermeans a legal person or other undertaking whose occupation or business is the provision of one or more crypto-asset services to clients on a professional basis, and that is allowed to provide crypto-asset services in accordance with Article 59; itself, or the third party, is authorised to provide those services under Directive (EU) 2015/2366.

1. the nature and terms and conditions of those services, including references to the applicable national law and to the rights of clientsmeans any natural or legal person to whom a crypto-asset service provider provides crypto-asset services;;

2. whether those services are provided by them directly or by a third party.

Paragraphs 2 and 3 of this Article shall not apply to crypto-asset service providersmeans a legal person or other undertaking whose occupation or business is the provision of one or more crypto-asset services to clients on a professional basis, and that is allowed to provide crypto-asset services in accordance with Article 59; that are electronic money institutionsmeans an electronic money institution as defined in Article 2, point (1), of Directive 2009/110/EC;, payment institutionsmeans a payment institution as defined in Article 4, point (4), of Directive (EU) 2015/2366; or credit institutionsmeans a credit institution as defined in Article 4(1), point (1), of Regulation (EU) No 575/2013 and authorised under Directive 2013/36/EU;.