Critical ICT providers are technology companies whose services are essential for financial system operation. These entities supply information and communication technology services that are fundamental to the functioning of financial markets and institutions, including those operating with digital assets. Their services might encompass cloud computing, data centers, network infrastructure, or specialized software solutions. A disruption to a critical ICT provider can severely impact multiple financial entities, necessitating rigorous oversight and resilience measures.
Context
The significance of critical ICT providers in crypto news often surfaces in discussions about regulatory efforts to enhance operational resilience across the financial sector. Concerns arise regarding potential single points of failure if numerous digital asset firms rely on a limited number of these providers. Ongoing regulatory initiatives aim to establish clearer frameworks for identifying and supervising these providers, ensuring their stability does not jeopardize broader financial stability.
CASPs must immediately integrate DORA's systemic ICT risk management and third-party oversight into their operational architecture by the Q1 2025 deadline.
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