This article covers three issues: (i) which kinds of digital assets (arguably) fall within the Financial Collateral Arrangements (No. 2) Regulations 2003 (FCARs); (ii) what is likely to constitute “possession or control” of a digital asset for the purpose of the FCARs (where a security financial collateral arrangement is involved); and (iii) whether the FCAR regime is appropriate in the digital asset context (and whether there needs to be a separate regime that applies specifically to digital assets).