Application and Interpretation
Effective from Feb 07 2023 - Feb 06 2023
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| 1. | Client VAs means all Virtual Assets held or controlled by a VASP on behalf of a client in the course of, or in connection with, the carrying on of any VA Activity, except for— |
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| a. | Virtual Assets immediately due and payable to a VASP for the VASP’s own account, such as fees for services provided to a client; | |||
| b. | amounts payable by the VASP for expenses incurred on behalf of the client; and | |||
| c. | other charges that are due and payable to the VASP. |
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| 2. | Client VAs are held or controlled by a VASP if they are— |
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| a. | directly held by the VASP in an account or VA Wallet; | |||
| b. | held in an account or VA Wallet in the name of the VASP; | |||
| c. | held by a legal entity, or in an account or VA Wallet in the name of a legal entity, controlled by the VASP; or | |||
| d. | the private keys and/or seed phrase of the VA Wallet are held or controlled by the VASP. |
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