Custody rule compliance refers to adherence to regulations governing the safekeeping and management of client assets by financial institutions. For digital assets, this involves meeting specific legal and operational standards to protect client cryptocurrencies from theft, loss, or misuse. These rules ensure that custodians maintain proper records and segregation of client funds.
Context
Custody rule compliance is a significant regulatory hurdle for traditional financial institutions seeking to offer digital asset services. The unique technical characteristics of cryptocurrencies necessitate specialized security measures and legal interpretations. Regulatory bodies globally are working to adapt existing custody rules or formulate new ones to adequately address digital assets.
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