1. Protection

When your Accepted Virtual Assets are held in First Answer Custody FZE’s custody on your behalf, you will be subject to the protections conferred by the Safe Custody Rules as per VARA Rule book.

2. Safe Custody

Any Accepted Virtual Asset received by First Answer Custody FZE from Clients will be received and securely stored by First Answer Custody FZE, whereas First Answer Custody FZE and its group companies will be sole custodian of the private keys. Private keys generation, usage and rotation is as per the CCSS standards and are spread geographically with group entities to minimize the risk of compromise and collusion.

3. Interest

First Answer Custody FZE does not provide interest on the Accepted Virtual Assets held on your behalf.

4. Client Default

In an event of default or at any time after First Answer Custody FZE has determined, in its absolute discretion, that you have not performed (or First Answer Custody FZE reasonably believes that you will not be able or willing in the future to perform) any of your obligations to it, First Answer Custody FZE may immediately suspend your access to the Custody Service

5. Reporting to clients

First Answer Custody FZE will share the statement of the client’s assets secured within its custody every month. The customers will also be able to retrieve the statements from the web application as and when required by logging into their account with First Answer Custody FZE.

6. Segregation

Your Accepted Virtual Assets shall be segregated from Accepted Virtual Assets belonging to First Answer Custody FZE and other customers of First Answer Custody FZE.

7. Reconciliation

First Answer Custody FZE shall conduct a daily reconciliation of your Accepted Virtual Assets that it holds on your behalf.