The Virtual Assets Regulation published by the Central Bank (BC) on Monday stipulates that virtual asset service providers (PSAVs) must adopt “mechanisms and procedures” to allow the segregation of their virtual assets from those of clients and users. The rule goes into effect on February 2, 2026.
Under the decision, asset separation mechanisms and procedures must be documented in a specific PSAV policy. This policy must provide, at a minimum, for the segregation of virtual assets of clients and users into virtual wallets different from the wallets used in the operations of service providers.
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Furthermore, the policy should specify the methods used to conduct reserve tests and conduct an independent audit of service providers’ data on a semi-annual basis.
The policy must also specify instances in which the transfer of virtual assets from customers or users to another provider may be necessary “due to situations involving interruption or cessation of the provision of services by that organization.” The independent audit report must be published on the PSAV website.
The standard also stipulates that service providers may hold virtual assets they hold in the wallets of clients and users “solely for the purpose of covering the immediate need for liquidity to execute transactions by such clients and users.”
In these cases, assets must follow certain rules, such as being identified in internal recording and control systems, and cannot “impose burdens or encumbrances” on clients or users.
According to the regulations, service providers will still need to appoint a board member or administrator to be responsible for asset segregation in the relevant areas.
The standard also stipulates that service providers must separate their financial resources from the financial resources of customers and users “through individual payment accounts or deposits in the name of such customers and users.”
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