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CRA-5.4.11

Licensees must establish, maintain and implement a private key storage policy to ensure effective and prudent safekeeping of the seed and private key at all times. In particular, such policy must address:

(a) The keyman risk associated with the storage of seed and private key is appropriately addressed;
(b) The seed and private key can be retrieved at a short notice without excessive reliance on one or more individuals who may be unavailable due to death, disability or other unforeseen circumstances; and
(c) Where a licensee maintains a physical copy of the seed and private key, the physical copies of seed and private key must be maintained in Bahrain in a secure and indestructible manner and the same can be used to access the wallets if a need arises.

The private key storage policy along with other documents and evidences confirming that the seed and private key are held securely must be made available to the CBB upon request.

Added: April 2023