Self-custody wallets are digital asset storage solutions where the user retains exclusive control over their private keys, thereby having complete ownership of their cryptocurrencies. Unlike custodial services, which hold keys on behalf of users, self-custody eliminates reliance on third parties for asset security. This method offers maximal autonomy but places the full responsibility for key management and security on the individual. It embodies the core principle of decentralized ownership.
Context
The discussion around self-custody wallets is central to the ethos of decentralization and financial sovereignty in the cryptocurrency space. News frequently highlights the advantages of self-custody versus the risks associated with centralized exchanges. A key debate involves balancing user autonomy with the complexities of secure private key management and recovery for less technically proficient users.
Wisconsin's proposed Assembly Bill 471 offers critical clarity, exempting certain digital asset activities from money transmission licensing, thereby fostering innovation.
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