Custody Services for Crypto Assets

This training offers a comprehensive overview of custody services for crypto assets, combining historical context, technical fundamentals, market practices, and regulatory frameworks. Participants will explore the origins of cryptocurrencies, the principles of blockchain technology, key custody models and risks, as well as the evolving regulatory landscape and future outlook for custodians in the digital asset ecosystem. Be ready to meet the challenges of securing, governing, and regulating crypto assets in a rapidly transforming financial environment.

After this training, the participant shall be able to:

• Understand and explain the foundations of cryptocurrencies and blockchain technology, including the historical context, technical mechanisms, custody models, and operational risks underlying crypto assets and tokenized assets
• Identify and assess the roles of key market players, ancillary services, and risk factors across the crypto-asset ecosystem, with particular focus on custody implications for investment funds, CASPs, and tokenization use cases
• Interpret and apply the relevant regulatory frameworks governing crypto-asset custody at European and international levels, including MiCA, MiFID, DORA, Luxembourg blockchain laws, and emerging global regulatory trends, while anticipating future developments

The programme of this 8-hour session is composed of 4 general topics, including case studies:
Technical fundamentals

• Blockchain & private keys: the fundamental breakdown
  • Characteristics of the DLT: cryptographic verification and distributed consensus mechanism - security, transparency and immutability
  • Public blockchain vs. private blockchain
  • Differentiating crypto assets and tokenized assets
• Self-custody vs delegated custody
• Hot wallets / cold wallets / HSMs / MPC
• Specific operational risks

Market players and risk factor

• Overview of market players
• Ancillary services (staking, lending, tokenisation)
• Risk mapping
• Tokenisation & impact on custody
  • Impact on investment funds
    • Funds investing in crypto assets – direct vs indirect investment
    • Tokenised funds and settlement in EMT

Regulatory framework

• MiCA – The European regulation in detail
  • MiCA vs. MiFID
  • The DLT pilot regime
• DORA & Operational obligations The Luxembourg Blockchain Laws I to IV
• USA – The regulatory shift 2025–2026
• Global Comparison & Regulatory Arbitrage

Outlook to 2026

• Update on the institutional validation of crypto-assets
• Custodian: a new systemic bank?
• Fed, SEC and DTCC: Disruption or blockchain integration?
• Coexistence between international SWIFT and DLT systems
• Towards a Balkanisation of finance?

This course is designed for professionals involved in or exposed to crypto-asset custody activities within financial institutions. It is particularly relevant for professionals working in banks, depositary institutions, asset managers, fund administrators, and Crypto-Asset Service Providers (CASPs) who need a solid regulatory and operational understanding of crypto-asset custody.