Custody of cryptoassets: moving towards industry best practice (June 2023)

In-depth Guides (Publications)

The provision of custody services for cryptoassets has recently been under heightened scrutiny following high-profile insolvencies of certain crypto service providers. These insolvency proceedings have demonstrated that determining what type of claim clients of custodian wallet providers have in respect of their cryptoassets is crucial.

We are delighted to have collaborated with digital asset custodian Komainu on this report, in which we aim to improve clarity for market participants on best practice, as well as draw attention to areas of legal and regulatory uncertainty where it would be helpful for legislators and regulators to take action that enhances certainty. The report contains a detailed analysis of the legal position of custodial wallet services across Australia, Germany, Japan, Jersey, the Netherlands, Singapore, the UAE, the UK and the US. We are grateful to the team at Carey Olsen for their contributions in relation to Jersey law.


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