tldr; The Canadian Investment Regulatory Organization (CIRO) has introduced an interim Digital Asset Custody Framework for crypto-asset trading platforms. This framework establishes a four-tier custodian approval system, capping internal custody at 40% of client crypto assets. It aims to safeguard customer assets, address risks like insolvency and cyberattacks, and set baseline expectations for custody. The framework applies to crypto assets, stablecoins, and tokenized assets, and will serve as a temporary measure until permanent rules are developed.
*This summary is auto generated by a bot and not meant to replace reading the original article. As always, DYOR.
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tldr; The Canadian Investment Regulatory Organization (CIRO) has introduced an interim Digital Asset Custody Framework for crypto-asset trading platforms. This framework establishes a four-tier custodian approval system, capping internal custody at 40% of client crypto assets. It aims to safeguard customer assets, address risks like insolvency and cyberattacks, and set baseline expectations for custody. The framework applies to crypto assets, stablecoins, and tokenized assets, and will serve as a temporary measure until permanent rules are developed.
*This summary is auto generated by a bot and not meant to replace reading the original article. As always, DYOR.