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Chapter CRYPTO10375

Document Cited in Related
Vincent
Published date30 March 2021
Record NumberCRYPTO10375
CourtHM Revenue & Customs

A cryptoasset wallet is a user interface where the private key is stored.

There are two main types of wallet: cold wallet and hot (sometimes called ‘software’) wallet.

A cold wallet refers to a wallet that is not accessible via an internet connection. Examples of a cold wallet include:

  • Hardware wallets - store key details offline on a piece of hardware such as a simple USB drive. It is possible to purchase hardware devices with the wallet already installed on them. More advanced versions of hardware wallets have additional security functions.
  • Paper wallets - where the information of the private and public keys is simply printed or written on paper. This means it is always offline and its location known only by the holder.

A software wallet is one that is accessible via the internet. It can be further divided into online wallet and client-side wallets.

  • Online wallets may be offered by cryptoasset exchanges as part of their services. They can be held on a server in a...

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