| 1. |
VASPs shall, at all times, maintain reserve assets equivalent to one hundred percent [100%] of the liabilities owed to clients with respect to all VA Activities [Reserve Assets]. |
| 2. |
VASPs must hold Reserve Assets on a one-to-one basis in the same Virtual Asset that liabilities are owed to its clients. |
| 3. |
Reserve Assets must be reconciled on a daily basis and audited by an independent third-party auditor no less than every six [6] months. VASPs shall include such audit reports as part of the subsequent quarterly report to VARA required in the Compliance and Risk Management Rulebook.
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