What is a crypto wallet?
A crypto wallet is an app or device that stores the private keys controlling blockchain assets and uses them to sign transactions. The coins themselves stay on the blockchain; the wallet proves who may move them.
Also called: digital asset wallet, cryptocurrency wallet
Why it matters
If your product handles digital assets, the wallet model decides who can recover access and what has to be licensed. A custodial wallet means your company or a provider holds the keys; a non-custodial one leaves them with the user. In Kazakhstan only digital asset service providers may hold clients’ digital assets, so a custodial wallet is built for such a provider.
1Wallet addressA public address, derived from the keys, works like an account number you can share with a sender.
2Custodial or notCustodial wallets keep keys on a provider’s servers; non-custodial wallets keep them on the user’s device or in a seed phrase.
3Hot and coldHot wallets are online and convenient; cold wallets, such as hardware devices, keep keys offline.
ExampleA licensed provider in the AIFC orders a mobile wallet app for its clients. Keys are created on the phone, sign-in uses email and biometrics, and users can export their seed phrase. Client identification requirements come from the provider’s licence and are built into sign-up.
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Related terms
DAppAn app whose core logic runs in smart contracts on a blockchain, used through a crypto wallet.Web3Online services built on blockchains, where users hold their own assets and identity in a wallet.StablecoinA crypto token designed to keep a steady value, usually pegged to a fiat currency.Smart contractA program stored on a blockchain that runs automatically when its conditions are met.
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