If you are dealing with digital assets, it is inevitable that you will hold custody over your customer’s digital assets to have effective control. And it does not make sense for an organisation to tell the regulators that they are going to outsource the custody of your digital assets to a third party. As in that sense, the regulators might as well give the licence to the service provider whom you outsourced to. It is up to the organisation to impress upon the regulators using technological explanation and standards in how you will be able to meet a high degree of security for your customers’ assets. You will have to apply a great degree of risk management and logical understanding of the business and its risks to show the regulators your ability to safeguard these assets. However, in the situation where the industry, regulators or your organisation have not anticipated a risk beyond that, an advice for the management would be to get an insurance. If the organisation did not think about insurance, then the organisation clearly does not have the level of competency to safeguard your customer’s assets. The organisation needs to go out there to think of ways to safeguard their own customer’s assets. If the event of anything, you must have reserved an insurance first. If your organisation or your digital payment custody provider (eg: third party wallet provider like Fireblocks or coin-based wallet which Jonathan from DigiFinex sincerely do not recommend), you must have your own technology or understanding (of the business). If an organisation is using a third-party technology that they do not understand, then they would a risk to the financial ecosystem, where a regulator should not grant a licence to them.   The organisation will need to understand the technology well, and after they understand the technology, they can go over and above and acquire the additional assurance to the regulator and the community at large. And if you tanked or get hacked one day and you lose your customer assets, you have the capability to repay them through reserves or insurance.