Article 67 — Prudential requirements

1.Crypto-asset service providers shall, at all times, have in place prudential safeguards equal to an amount of at least the higher of the following:

2.Crypto-asset service providers that have not been in business for one year from the date on which they began providing services shall use, for the calculation referred to in paragraph 1, point (b), the projected fixed overheads included in their projections for the first 12 months of service provision, as submitted with their application for authorisation.

3.For the purposes of paragraph 1, point (b), crypto-asset service providers shall calculate their fixed overheads for the preceding year, using figures resulting from the applicable accounting framework, by subtracting the following items from the total expenses after distribution of profits to shareholders or members in their most recently audited annual financial statements or, where audited statements are not available, in annual financial statements validated by national supervisors:

4.The prudential safeguards referred to in paragraph 1 shall take any of the following forms or a combination thereof:

5.The insurance policy referred to in paragraph 4, point (b), shall be disclosed to the public on the crypto-asset service provider’s website and shall have at least the following characteristics:

6.The insurance policy referred to in paragraph 4, point (b), shall include coverage against the risk of all of the following: