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Other requirements in respect of licensee providing digital payment token service

Payment Services Regulations 2019

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A licensee that provides a digital payment token service must —(a)ensure that the systems and controls concerning the assessment and management of risks in relation to the safeguarding of assets belonging to a customer are adequate and appropriate for the scale and nature of its operations;(b)take all reasonable measures to maintain the integrity and security of the means used to safeguard digital payment token instruments relating to the digital payment tokens belonging to a customer;(c)develop and implement effective controls and segregation of duties to mitigate the risk of conflict between its duties relating to the safeguarding of assets belonging to a customer and its business interests;(d)develop and implement written policies and procedures to identify, address and monitor the risk of conflict between its duties relating to the safeguarding of assets belonging to a customer and its business interests; and(e)ensure that the safeguarding of assets belonging to a customer is not performed by, or performed under the influence or direction of, persons who execute trades, make investment decisions or make trading decisions.

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