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  • Writer's pictureадв. Светослав Григоров

Obligation for all crypto-asset service providers

Updated: Jun 13, 2023

Crypto-asset service providers act with integrity, impartiality, and professionalism in the interests of clients. Provide objective and clear information in marketing messages. They warn about the risks associated with crypto-assets. They publish their pricing policy on their website as part of obligation for crypto-assets service providers.

Prudential requirements

Crypto-asset providers have prudential guarantees equal to the value of fixed capital requirements or 1/4 of the previous year's fixed total expenses.

The guarantees consist of own funds and an insurance policy.

Organisational obligation for crypto-asset service providers

The persons owning more than 20% of the capital or voting rights, as well as the members of the management body, have a good reputation and competence to perform their duties. They must not have been convicted of financial crimes.

Crypto-asset providers introduce rules to comply with the Regulation. Ensure the regular and continuous performance of the offered services. They use risk assessment mechanisms. The competent authorities provide information regarding a change in the governing body.

Protection of customer funds

Crypto-asset service providers take measures to protect customer property. Deposit clients' funds in a central bank or credit institution, distinguishable from their own accounts.

Handling complaints

Suppliers shall have procedures in place to deal with customer complaints. Prepare a complaint form. Customers exercise this right free of charge, receiving a timely response.

Conflict of interests

A policy is in place to identify conflicts of interest between service providers and their controlling shareholders, directors, officers, and customers.

On their website, they publish information about the sources of conflicts of interest and measures to prevent them.

External contractors

When outsourcing the performance of operational functions to subcontractors, service providers are fully responsible for compliance with all conditions.

Regarding the obligations of crypto-asset service providers, please contact us by going to contacts.

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