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ARTICLE · 29 JUNE 2023

ISDA Publishes Whitepaper On Digital Asset Custody

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The International Swaps and Derivatives Association, Inc. ("ISDA") continues to press forward with its digital asset working group, following the publication in January this year...

United StatesFinance and Banking
Charles Wakiwaka
Charles Wakiwaka
Lauren Blaber
Lauren Blaber

The International Swaps and Derivatives Association, Inc. ("ISDA") continues to press forward with its digital asset working group, following the publication1 in January this year of (i) the Digital Asset Derivatives Definitions (the "Definitions") and (ii) the whitepaper on netting and collateral enforceability.

On May 3, 2023, ISDA published the second2 of its two whitepapers relating to digital assets – this paper examines the key legal issues, under New York law and English law, in relation to digital assets that are held by a digital asset intermediary for or on behalf of a customer.

Although existing private law concepts and traditional financial market principles can be applied to digital assets, and existing insolvency regimes will apply to digital asset intermediaries, distributed ledger technology (DLT) or similar technology raises incremental legal and operational questions compared to traditional financial instruments. For example, if the use of a

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