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A. Application and Interpretation

1.Client Money means all money owned by a VASP’s client which is held or controlled by a VASP on behalf of such client in the course of, or in connection with, the carrying on of any VA Activity, except for—
 
 a.money which is 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.
 
2.Client Money does not include any Virtual Assets held by a VASP on behalf of a client.
3.Client Money is held or controlled by a VASP if it is—
 
 a.directly held by the VASP;
 b.held in an account in the name of the VASP; or
 c.held by an Entity, or in an account in the name of an Entity, controlled by the VASP.
 
4.Client Account means an account at a Third-Party Bank which—
 
 a.holds or is established to hold the Client Money of one or more clients; and
 b.is maintained in the name of the VASP.
 
5.Third-Party Bank means the bank with which a Client Account is maintained.