Article 75 Providing custody and administration of crypto-assets on behalf of clients

1. the identity of the parties to the agreement;

2. the nature of 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; provided and a description of that service;

3. the custody policy;

4. the means of communication between 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; and the clientmeans any natural or legal person to whom a crypto-asset service provider provides crypto-asset services;, including the clientmeans any natural or legal person to whom a crypto-asset service provider provides crypto-asset services;’s authentication system;

5. a description of the security systems used by 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;;

6. the fees, costs and charges applied by 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;;

7. the applicable law.

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; providing custody and administration of crypto-assets on behalf of clientsmeans the safekeeping or controlling, on behalf of clients, of crypto-assets or of the means of access to such crypto-assets, where applicable in the form of private cryptographic keys; shall keep a register of positions, opened in the name of each clientmeans any natural or legal person to whom a crypto-asset service provider provides crypto-asset services;, corresponding to each clientmeans any natural or legal person to whom a crypto-asset service provider provides crypto-asset services;’s rights to the 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;. Where relevant, 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 record as soon as possible in that register any movements following instructions from their clientsmeans any natural or legal person to whom a crypto-asset service provider provides crypto-asset services;. In such cases, their internal procedures shall ensure that any movement affecting the registration of the 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; is evidenced by a transaction regularly registered in the clientmeans any natural or legal person to whom a crypto-asset service provider provides crypto-asset services;’s register of positions.

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; providing custody and administration of crypto-assets on behalf of clientsmeans the safekeeping or controlling, on behalf of clients, of crypto-assets or of the means of access to such crypto-assets, where applicable in the form of private cryptographic keys; shall establish a custody policy with internal rules and procedures to ensure the safekeeping or the control of 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;, or the means of access to the 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;.

The custody policy referred to in the first subparagraph shall minimise the risk of a loss 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; or the rights related to those 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; or the means of access to the 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; due to fraud, cyber threats or negligence.

A summary of the custody policy shall be made available to clientsmeans any natural or legal person to whom a crypto-asset service provider provides crypto-asset services; at their request in an electronic format.

Where applicable, 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; providing custody and administration of crypto-assets on behalf of clientsmeans the safekeeping or controlling, on behalf of clients, of crypto-assets or of the means of access to such crypto-assets, where applicable in the form of private cryptographic keys; shall facilitate the exercise of the rights attached to the 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;. Any event likely to create or modify the rights of a clientmeans any natural or legal person to whom a crypto-asset service provider provides crypto-asset services; shall immediately be recorded in the clientmeans any natural or legal person to whom a crypto-asset service provider provides crypto-asset services;’s register of positions.

Where there are changes to the underlying distributed ledger technologyor ‘DLT’ means a technology that enables the operation and use of distributed ledgers; or any other event likely to create or modify a clientmeans any natural or legal person to whom a crypto-asset service provider provides crypto-asset services;’s rights, the clientmeans any natural or legal person to whom a crypto-asset service provider provides crypto-asset services; shall be entitled to any 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; or any rights newly created on the basis and to the extent of the clientmeans any natural or legal person to whom a crypto-asset service provider provides crypto-asset services;’s positions at the time of the occurrence of that change or event, except when a valid agreement signed with 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; providing custody and administration of crypto-assets on behalf of clientsmeans the safekeeping or controlling, on behalf of clients, of crypto-assets or of the means of access to such crypto-assets, where applicable in the form of private cryptographic keys; pursuant to paragraph 1 prior to that change or event expressly provides otherwise.

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; providing custody and administration of crypto-assets on behalf of clientsmeans the safekeeping or controlling, on behalf of clients, of crypto-assets or of the means of access to such crypto-assets, where applicable in the form of private cryptographic keys; shall provide their clientsmeans any natural or legal person to whom a crypto-asset service provider provides crypto-asset services;, at least once every three months and at the request of the clientmeans any natural or legal person to whom a crypto-asset service provider provides crypto-asset services; concerned, with a statement of position of the 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; recorded in the name of those clientsmeans any natural or legal person to whom a crypto-asset service provider provides crypto-asset services;. That statement of position shall be made in an electronic format. The statement of position shall identify the 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; concerned, their balance, their value and the transfer of 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; made during the period concerned.

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; providing custody and administration of crypto-assets on behalf of clientsmeans the safekeeping or controlling, on behalf of clients, of crypto-assets or of the means of access to such crypto-assets, where applicable in the form of private cryptographic keys; shall provide their clientsmeans any natural or legal person to whom a crypto-asset service provider provides crypto-asset services; as soon as possible with any information about operations on 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; that require a response from those clientsmeans any natural or legal person to whom a crypto-asset service provider provides crypto-asset services;.

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; providing custody and administration of crypto-assets on behalf of clientsmeans the safekeeping or controlling, on behalf of clients, of crypto-assets or of the means of access to such crypto-assets, where applicable in the form of private cryptographic keys; shall ensure that necessary procedures are in place to return 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; held on behalf of their clientsmeans any natural or legal person to whom a crypto-asset service provider provides crypto-asset services;, or the means of access, as soon as possible to those clientsmeans any natural or legal person to whom a crypto-asset service provider provides crypto-asset services;.

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; providing custody and administration of crypto-assets on behalf of clientsmeans the safekeeping or controlling, on behalf of clients, of crypto-assets or of the means of access to such crypto-assets, where applicable in the form of private cryptographic keys; shall segregate holdings of 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; on behalf of their clientsmeans any natural or legal person to whom a crypto-asset service provider provides crypto-asset services; from their own holdings and ensure that the means of access to 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; of their clientsmeans any natural or legal person to whom a crypto-asset service provider provides crypto-asset services; is clearly identified as such. They shall ensure that, on the distributed ledgermeans an information repository that keeps records of transactions and that is shared across, and synchronised between, a set of DLT network nodes using a consensus mechanism;, their 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; are held separately from their own 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;.

The 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; held in custody shall be legally segregated from 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 estate in the interest of the clientsmeans any natural or legal person to whom a crypto-asset service provider provides crypto-asset services; 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; in accordance with applicable law, so that creditors 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; have no recourse to 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; held in custody by 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;, in particular in the event of insolvency.

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; shall ensure that the 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; held in custody are operationally segregated from 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 estate.

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; providing custody and administration of crypto-assets on behalf of clientsmeans the safekeeping or controlling, on behalf of clients, of crypto-assets or of the means of access to such crypto-assets, where applicable in the form of private cryptographic keys; shall be liable to their clientsmeans any natural or legal person to whom a crypto-asset service provider provides crypto-asset services; for the loss of any 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; or of the means of access to the 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; as a result of an incident that is attributable to them. The liability 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; shall be capped at the market value of the crypto-assetmeans 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; that was lost, at the time the loss occurred.

Incidents not attributable to 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; include any event in respect of which 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; demonstrates that it occurred independently of the provision of the relevant service, or independently of the operations 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;, such as a problem inherent in the operation of the distributed ledgermeans an information repository that keeps records of transactions and that is shared across, and synchronised between, a set of DLT network nodes using a consensus mechanism; 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; does not control.

If 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; providing custody and administration of crypto-assets on behalf of clientsmeans the safekeeping or controlling, on behalf of clients, of crypto-assets or of the means of access to such crypto-assets, where applicable in the form of private cryptographic keys; make use of other 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; of that service, they shall only make use of 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; authorised 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; providing custody and administration of crypto-assets on behalf of clientsmeans the safekeeping or controlling, on behalf of clients, of crypto-assets or of the means of access to such crypto-assets, where applicable in the form of private cryptographic keys; and that make use of other 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; of that service shall inform their clientsmeans any natural or legal person to whom a crypto-asset service provider provides crypto-asset services; thereof.