Create and Approve Policies:

• Creating strong policy rules is a vital step in maintaining control over your transaction outflows.
  The owner and admin can set policies and rules, such as whitelisting addresses to prevent unauthorized transactions and setting spending limits for both the entire wallet and individual transactions.
• The minimum approval feature allows the owner to set a minimum approval threshold, called a quorum, which must be met before any policy changes can be made.
  For instance, if you choose a "2 of 3" configuration, it means that at least two admins must approve the policy change for it to take effect.

To configure the Minimum Approval:

• Go to your settings
• Navigate to the Policy Management section,
• Click on "Edit"
  
  

• Here, you'll find a list of available approvers, including both the owner and admins. You can then select the desired approval configuration, specifying the minimum number of approvals needed from administrators to authorise policy changes.
  
  

Important note: 

• If you update the Minimum Approval configuration, any pending policy change requests will be automatically rejected.
• This ensures that your policies remain consistent with your organization's needs while maintaining high security and compliance. Only the owner can change this setting.
• When the owner has set a minimum approval requirement greater than 1, another administrator will need to review and approve the policy, as per the configuration.

Here are the steps to approve the policy:

1. Admins need to log in to the system using their credentials.
2. Once logged in, navigate to your dashboard. Within the "Pending Actions" section, you should see the policy approval request that requires your action.
3. Locate the specific policy request and click on the "Approve" button.
   
4. Follow the on-screen prompts and instructions to complete the approval process.
5. After successfully approving the policy, the system will update the policy's status accordingly, and the policy changes will be implemented as per the configuration.

By following these steps, you contribute to the approval process, ensuring that policies are reviewed and approved by the required number of administrators, as set by the owner. This collaborative approach enhances security and compliance within the policy management system.

There are three types of policies, which are explained below:

Whitelist Address:

• Implementing a whitelist address policy adds an extra layer of security to your digital asset transactions.
• Before requesting a transaction, ensure that the destination wallet is already whitelisted to prevent any delays. It is advisable to set the whitelist address policy in advance. Once an address is whitelisted, it will appear in a drop-down menu during transaction requests, simplifying the process and reducing the risk of errors.

Spending Limit: 

• Defining spending limits is a crucial aspect of policy management, ensuring that you have control over the amount that can be sent to whitelisted addresses within a specified time frame. 
• Customers can set a spending limit by defining the maximum asset amount that can be transacted within a specific time frame (e.g., a cumulative amount of USD 100,000 over 24 hours).
• This policy is designed to enhance financial security, mitigate risks, and strengthen oversight, ensuring that all transactions stay within predefined thresholds.

Transaction Limit:

• Configuring transaction limits is a pivotal component of policy management, allowing you to specify the maximum amount that can be sent to whitelisted addresses per individual transaction.
• A measure for added control, set a limit on the amount for individual transactions.
  For instance, a single transaction might be capped at USD 100,000.