To store virtual currencies for a client, registration with the Austrian Financial Market Authority (FMA) is required in Austria in accordance with Section 32a (1) FM-GWG according to Section 2 Z 22 lit a). Custody without a licence is a criminal offence. We strictly keep to KYC measures according to the 5th Money Laundering Directive. To further prevent money laundering, all transactions are monitored, and the origin of tokens is verified. For mandatory registration, we always act in accordance with GDPR.
With a custodial wallet, you place your private keys in the hands of others whom you trust and who can also provide security for the private keys. Lost private keys or mnemonic phrases do not mean lost funds. Access can also be restored to the assets in the case of loss of the private key in a more complex procedure. At NodeVenture, recovery takes place in close cooperation with the customer. Furthermore, several persons are always obligatory present to be able to guarantee the highest level of integrity.
As it relates to computer networking, air gapping is a security measure to ensure that a computer network is physically isolated from unsecured networks like the internet and local area networks.