Application and Interpretation
Effective from Feb 07 2023 - Feb 06 2023
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| 1. | Client Money means all money held or controlled by a VASP on behalf of a client in the course of, or in connection with, the carrying on of any VA Activity, except for— |
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| a. | money which is immediately due and payable to a VASP for the VASP’s own account, such as fees for services provided to a client; | |||
| b. | amounts payable by the VASP for expenses incurred on behalf of the client; and | |||
| c. | other charges that are due and payable to the VASP. |
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| 2. | Client Money does not include any Virtual Assets held by a VASP on behalf of a client. | |||
| 3. | Client Money is held or controlled by a VASP if it is— |
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| a. | directly held by the VASP; | |||
| b. | held in an account in the name of the VASP; or | |||
| c. | held by an Entity, or in an account in the name of an Entity, controlled by the VASP. |
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| 4. | Client Account means an account at a Third-Party Bank which— |
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| a. | holds or is established to hold the Client Money of one or more clients; and | |||
| b. | is maintained in the name of the VASP. |
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| 5. | Third-Party Bank means the bank with which a Client Account is maintained. |
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