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Book VII - Token Issuers and Digital Assets Services Providers
Title II - Digital Assets Services Providers
Chapter II - Specific provisions applicable to licensed digital assets services providers
Section 1 - Provisions applicable to the service of custody of digital assets on behalf of third parties
Article 722-1 from 30/07/2023

Article 722-1 into force since

  • Version into force since
ELI : /en/eli/fr/aai/amf/rg/article/722-1/20230730/notes

The digital asset custodian operating on behalf of third parties shall, in all circumstances, comply with the following obligations:

  1. It shall do its utmost to record the movements of digital assets taking place on position registers opened in the name of each client and to control the means of access to the digital assets referred to in 1° of Article D. 54-10-1 of the Monetary and Financial Code;

  2. It shall ensure that, in the distributed ledger system its clients' digital assets are separated from its own digital assets;

  3. It shall record as soon as possible movements following instructions from the client in the register referred to in 1° of Article D. 54-10-1 of the Monetary and Financial Code. It shall organise its internal procedures in such a way as to ensure that every movement affecting the registration of the digital assets is evidenced by a transaction regularly registered in the client's account;

  4. It shall do its utmost to facilitate the exercise of the rights attached to the digital assets. Any event liable to create or modify the client's rights shall be recorded in the client's position register as soon as possible.

    In particular, in the event of bifurcation of the distributed ledger system, the client shall be deemed to be entitled to the digital assets arising from the bifurcation to the extent of its position at the time of the event's occurrence, except when the agreement signed with the custodian pursuant to paragraph 1° of II of Article L. 54-10-5 of the Monetary and Financial Code provides otherwise. Where applicable, any exemption is determined within reasonable conditions and limits predefined by the custodian in its custody policy referred to in 2° of II of said Article;

  5. It may not use the digital assets of its clients and the rights attached thereto without their explicit agreement;

  6. It shall ensure that the necessary procedures are in place to return to clients the digital assets it holds on their behalf or the means of access as quickly as possible;

    Events not attributable to the digital asset custodian include, in particular, any event for which it could demonstrate that it is independent of its operations, in particular a problem inherent in the operation of the distributed ledger or in an automated computer program (“smart contract”) that could be based on a distributed ledger that it does not control;

  7. Decisions concerning a transaction on a client's digital assets shall be based on multi-validation, for which the choice of organisation shall be the responsibility of the custodian;

  8. It shall be capable of proving at any time that the quantity of digital assets for which the means of access are held by virtue of 1° of Article D. 54-10-1 of the Monetary and Financial Code is equal to the quantity of digital assets recorded in the position registers referred to in 1° of said Article;

  9. It shall provide its customers as quickly as possible with any information relating to transactions in digital assets that require a response from them; and

  10. It shall introduce adequate organisational arrangements to minimise the risk of loss of clients' digital assets or the rights in connection with those digital assets resulting from misuse or fraud concerning said digital assets, poor administration, incorrect record-keeping or negligence.