Custody standards are the established protocols and best practices that entities must adhere to when safeguarding digital assets. These standards address security measures, operational procedures, and compliance requirements designed to protect client assets from theft, loss, or unauthorized access. They are fundamental for maintaining trust and integrity within the digital asset ecosystem. Adherence to robust custody standards is a key indicator of an institution’s reliability.
Context
The context for custody standards often arises in news concerning the security breaches of exchanges or custodians, prompting reviews and upgrades to existing protocols. Discussions focus on the balance between accessibility and security, particularly concerning private key management and cold storage solutions. Critical future developments include the potential for industry-wide certifications and the increasing influence of regulatory bodies in defining mandatory custody requirements for digital asset service providers.
UK's financial regulator outlines a new framework to integrate crypto firms into existing financial rules, demanding enhanced governance and operational resilience.
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