Article 10 Segregation and safekeeping of clients’ crypto-assets and funds

1. how the applicant ensures that:

   1. 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; are not used for its own account;

   2. 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 the clientsmeans any natural or legal person to whom a crypto-asset service provider provides crypto-asset services; are not used for its own account;

   3. the wallets holding 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 different from the applicant’s own wallets;

2. a detailed description of the approval system for cryptographic keys and safeguarding of cryptographic keys, including multi-signature wallets;

3. how the applicant segregates 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;, including from other 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; where wallets contain 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 more than one clientmeans any natural or legal person to whom a crypto-asset service provider provides crypto-asset services; (omnibus accounts);

4. a description of the procedure ensuring 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, are deposited with a central bank or 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; by the end of the business day following the day on which those fundsmeans funds as defined in Article 4, point (25), of Directive (EU) 2015/2366; were received and 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 applicant;

5. where the applicant does not intend to depositmeans a deposit as defined in Article 2(1), point (3), of Directive 2014/49/EU; fundsmeans funds as defined in Article 4, point (25), of Directive (EU) 2015/2366; with the relevant central bank, which factors the applicant takes into account to select the 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; with which to depositmeans a deposit as defined in Article 2(1), point (3), of Directive 2014/49/EU; 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;, including the applicant’s diversification policy, where available, and the frequency of review of the selection of 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; with which to depositmeans a deposit as defined in Article 2(1), point (3), of Directive 2014/49/EU; 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;;

6. how the applicant ensures that clientsmeans any natural or legal person to whom a crypto-asset service provider provides crypto-asset services; are informed in clear, concise and non-technical language about the key aspects of the applicant’s systems, policies and procedures to comply with Article 70(1), (2) and (3) of Regulation (EU) 2023/1114.

In accordance with Article 70(5) of Regulation (EU) 2023/1114, 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; or payment institutionsmeans a payment institution as defined in Article 4, point (4), of Directive (EU) 2015/2366; shall only provide the information referred to in paragraph 1 of this Article in relation to the segregation 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;.