Anyone who works in financial markets knows that defining the owner of a financial asset is not as straight forward as it sounds especially when assets are held indirectly via an intermediary. It’s a complex area often not well understood, but regulatory standards in the traditional financial markets, such as the U.S. Uniform Securities Act and Securities Exchange Commission (SEC) customer protection rule 15c3-5 offer protection in the case of the bankruptcy of an entity holding client assets. As the recent collapses of FTX and Celsius have shown, the digital assets markets have yet to fully catch up. To help address this, industry body the International Swaps and Derivatives Association (ISDA) is producing two papers to help offer greater certainty to the still nascent digital assets derivatives marketplace.