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Custody services in the context of virtual assets refer to the secure storage and management of cryptocurrencies and other digital assets on behalf of clients. These services are essential to ensure the safety of assets, as well as to provide ease of access for trading, investing, or other transactions. The term 'Custody Services' with reference to VARA refers to the safeguarding of Virtual Assets for or on behalf of another Entity and acting exclusively on confirmed orders from/on behalf of such Entity. All VASPs must follow the Rules for the storage and custody of their clients' Virtual Assets. Only VASPs that separate their clients' assets in separate VA Wallets will be eligible for a Custody Services License.
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