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Who owns cryptocurrency held by a cryptocurrency exchange? Do the cryptocurrency assets belong to the customers who deposited the crypto with the exchange, or do the cryptocurrency assets belong to the exchange itself?
There has been a lot of discussion recently—across the globe—about how (or if) to regulate the decentralized finance (DeFi) industry. The term DeFi encompasses a broad range of...
New York Department of Financial Services issued Guidance on Custodial Structures for Customer Protection in the Event of Insolvency emphasizing importance of sound custody and disclosure practices. This month Securities and Exchange Commission SEC did same.
When it rains, it pours. On January 23, 2023, the New York Department of Financial Services announced that it had issued certain Guidance on Custodial Structures for Customer...
New York Department of Financial Services issued industry guidance to Virtual Currency Entities who act as custodians, Guidance on Custodial Structures for Customer Protection in the Event of Insolvency, highlighting equitable and beneficial interests remaining with the customer.