ARTICLE · 01 FEBRUARY 2024

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Custody And Staking Of Crypto Assets

Schellenberg Wittmer Ltd

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Schellenberg Wittmer Ltd

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Staking refers to a validation process used in blockchains based on a proofof-stake consensus mechanism by blocking native Crypto Assets against a reward.

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Key Take-aways

1. Staking refers to a validation process used in blockchains based on a proofof-stake consensus mechanism by blocking native Crypto Assets against a reward. Staking can be provided as a service by custodians for their clients.

2. In its recent guidance, FINMA clarifies safe harbor rules that must be met by regulated custodians in order to provide such staking services "off-balance sheet" without triggering regulatory capital requirements for deposits.

3. Staking remains possible for custodians that are not licensed by FINMA as banks or FinTech licensees, to the extent they are providing this service directly and cryptocurrencies/payment tokens are held on a segregated basis.

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Custody And Staking Of Crypto Assets

Key Take-aways

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