How does a trustee differ from a custodian when it comes to handling digital assets?

7 answers

• NealJan 02, 2023 · 3 years ago
  When it comes to handling digital assets, a trustee and a custodian have different roles and responsibilities. A trustee is typically someone who holds legal title to the assets on behalf of another person or entity. They have a fiduciary duty to act in the best interests of the beneficiaries. On the other hand, a custodian is responsible for the safekeeping and administration of the assets. They may hold physical possession of the assets or have control over the digital keys required to access the assets. While both trustees and custodians play important roles in managing digital assets, the key difference lies in their legal obligations and the level of control they have over the assets.
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• mollranApr 09, 2023 · 2 years ago
  When it comes to handling digital assets, a trustee and a custodian have different functions. A trustee is like a legal guardian who holds the assets on behalf of someone else. They have a legal duty to manage the assets in the best interests of the beneficiaries. On the other hand, a custodian is responsible for the safekeeping and storage of the assets. They may hold physical possession of the assets or have control over the digital keys required to access the assets. In summary, a trustee focuses on the legal and fiduciary aspects of managing digital assets, while a custodian focuses on the physical and technical aspects.
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• sanwhichDec 22, 2024 · 7 months ago
  In the context of handling digital assets, a trustee and a custodian have distinct roles. A trustee is a legal entity or individual appointed to manage and protect the assets on behalf of the beneficiaries. They have a legal obligation to act in the best interests of the beneficiaries and ensure proper management of the assets. On the other hand, a custodian is responsible for the safekeeping and storage of the assets. They may hold physical possession of the assets or have control over the digital keys required to access the assets. While both trustees and custodians play important roles in safeguarding digital assets, the trustee has a higher level of legal responsibility and oversight.
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• Bech RitterJul 17, 2021 · 4 years ago
  When it comes to handling digital assets, a trustee and a custodian have different roles and responsibilities. A trustee is like a legal guardian who holds and manages the assets on behalf of the beneficiaries. They have a fiduciary duty to act in the best interests of the beneficiaries and ensure proper management of the assets. A custodian, on the other hand, is responsible for the safekeeping and storage of the assets. They may hold physical possession of the assets or have control over the digital keys required to access the assets. While both trustees and custodians are involved in the management of digital assets, the trustee has a higher level of legal and fiduciary responsibility.
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• Robert WachiraDec 12, 2020 · 5 years ago
  When it comes to handling digital assets, a trustee and a custodian have different roles and obligations. A trustee is appointed to manage and protect the assets on behalf of the beneficiaries. They have a legal duty to act in the best interests of the beneficiaries and ensure proper management of the assets. A custodian, on the other hand, is responsible for the safekeeping and storage of the assets. They may hold physical possession of the assets or have control over the digital keys required to access the assets. While both trustees and custodians play important roles in handling digital assets, the trustee has a higher level of legal responsibility and accountability.
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• SRWEMDec 14, 2021 · 4 years ago
  When it comes to handling digital assets, a trustee and a custodian have different functions. A trustee is like a legal representative who holds and manages the assets on behalf of the beneficiaries. They have a fiduciary duty to act in the best interests of the beneficiaries and ensure proper management of the assets. A custodian, on the other hand, is responsible for the safekeeping and storage of the assets. They may hold physical possession of the assets or have control over the digital keys required to access the assets. While both trustees and custodians are involved in the management of digital assets, the trustee has a higher level of legal and ethical obligations.
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• Tiara WilliamsDec 10, 2023 · 2 years ago
  When it comes to handling digital assets, a trustee and a custodian have different roles and responsibilities. A trustee is typically a legal entity or individual appointed to manage and protect the assets on behalf of the beneficiaries. They have a fiduciary duty to act in the best interests of the beneficiaries and ensure proper management of the assets. A custodian, on the other hand, is responsible for the safekeeping and storage of the assets. They may hold physical possession of the assets or have control over the digital keys required to access the assets. While both trustees and custodians are important in the management of digital assets, the trustee has a higher level of legal responsibility and accountability.
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