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Hosted Wallet

A Hosted wallet is an online service where a user’s bitcoins are stored by a third party (e.g., a cryptocurrency exchange.)

In their Interpretive Letter #1172, the Office of the Comptroller of the Currency (OCC) defines a hosted wallet as “an account-based software program for storing cryptographic keys controlled by an identifiable third party. These parties receive, store, and transmit cryptocurrency transactions on behalf of their accountholders; the account holder generally does not have access to the cryptographic keys themselves.” Thus, users consequently do not have direct control over their funds.

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