Wyoming Administrative Code › Agency 021 - Audit, Dept. of › Sub-Agency 0002 - Banking Division › Chapter 19 - ENHANCED DIGITAL CUSTODY OPT-IN REGIME › Section 19-2 - Definitions

Current through July 13, 2024
(a) As used in this
				chapter:
(i) "Bailment" means a legal
				circumstance when a customer has entrusted possession or control of a digital
				asset to a bank for a specific purpose, pursuant to an express agreement that
				the purpose shall be faithfully executed and that possession or control of the
				digital asset will be returned when the specific purpose is accomplished or
				when the customer requests return of the asset, consistent with
				W.S.
				34-29-104. This term means a change in
				possession or control but not a change of title, and may be carried into effect
				through the exercise of fiduciary and trust powers or on a purely contractual
				basis;
(ii) "Control" means as
				defined in W.S.
				W.S.
				34-29-103(e);
(iii) "Custody" or "custodial services" means
				as defined in
				W.S.
				34-29-104(p)(iii) and other
				applicable federal laws, including those federal laws governing commodities as
				necessary, and means the possession or control and safekeeping of customer
				currency and digital assets. This term includes fund administration, the
				execution of customer instructions and custodial services customary in the
				banking industry, provided that the Commissioner may rely on guidance from
				foreign, federal or state agencies to determine customary custodial services.
				Custody consisting of non-discretionary asset safekeeping activities is
				generally non-fiduciary and an activity incidental to the business of banking.
				This term may include the exercise of fiduciary and trust powers to the extent
				the bank is exercising discretion in managing customer assets as well as
				providing safekeeping;
(iv)
				"Fungible" means a characteristic of a digital asset which makes the asset
				commercially interchangeable with digital assets of the same kind;
(v) "Independent public accountant" means a
				public accountant that meets the standards described in
				17 C.F.R.
				210.2-01, as incorporated herein by reference
				on July 1, 2019;
(vi)
				"Multi-signature arrangement" means as specified in
				W.S.
				34-29-103(e)(ii);
(vii) "Nonfungible" means a characteristic of
				a digital asset which makes the asset unique and not commercially
				interchangeable with digital assets of the same kind for monetary, commercial
				or other intrinsic reasons;
(viii)
				"Omnibus account" means a commingled account in which a bank that provides
				custodial services does not strictly segregate digital assets for each customer
				or beneficial owner, consistent with
				W.S.
				34-29-104(d)(ii);
(ix) "Private key" means as defined in W.S.
				W.S.
				34-29-103(e)(iii);
(x) "Reasonable efforts" means providing
				written notice to a customer, but shall not require customer acknowledgement or
				consent;
(xi) "Rehypothecation"
				means the simultaneous reuse or repledging of a digital asset that is already
				in use or has already been pledged as collateral to another person;
(xii) "Source code version" means the version
				of the software that enforces block validation rules that enable consensus and
				define a digital asset;
(xiii)
				"Possession" means as defined in
				W.S.
				34-29-103(e);
(xiv) "Fiduciary and trust powers" means the
				discretionary authority customarily exercised by state and national banks in
				either a fiduciary or trust relationship.