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The use of customer crypto-assets for the custodian’s own account

Johannes Hirtenlehner & Julian Isci

Capital Markets Law Journal2026https://doi.org/10.1093/cmlj/kmag014article
ABDC A
Weight
0.50

Abstract

Article 70(1) MiCAR (Markets in Crypto-Assets Regulation) regulates the safekeeping of crypto assets of the client. The regulation is based on existing provisions of financial market law. However, while Markets in Financial Instruments Directive II (MiFID II) expressly allows securities to be used for the service provider’s own account with the client’s consent, the wording of MiCAR is not clear in the case of crypto assets. This article analyses the permissibility of using crypto assets of the customer for their own account under the MiCAR.

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https://doi.org/https://doi.org/10.1093/cmlj/kmag014

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@article{johannes2026,
  title        = {{The use of customer crypto-assets for the custodian’s own account}},
  author       = {Johannes Hirtenlehner & Julian Isci},
  journal      = {Capital Markets Law Journal},
  year         = {2026},
  doi          = {https://doi.org/https://doi.org/10.1093/cmlj/kmag014},
}

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The use of customer crypto-assets for the custodian’s own account

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Evidence weight

0.50

Balanced mode · F 0.40 / M 0.15 / V 0.05 / R 0.40

F · citation impact0.50 × 0.4 = 0.20
M · momentum0.50 × 0.15 = 0.07
V · venue signal0.50 × 0.05 = 0.03
R · text relevance †0.50 × 0.4 = 0.20

† Text relevance is estimated at 0.50 on the detail page — for your query’s actual relevance score, open this paper from a search result.