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Digital Asset Customer (DAC)

A Digital Asset Customer is a Digital Asset Entity that uses the services of a bank or other formal financial institution. The term “DAC” was first used to describe a broad grouping of cryptocurrency-based customers in the U.S. Department of the Treasury’s OCC enforcement action against M.Y. Safra Bank in early 2020. Alternative names include Virtual Asset Customer

Note: These are non-technical definitions meant for a general audience and should not be used as legal definition
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