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Canada’s CIRO Introduces Crypto Custody Framework to Mitigate Risks
Canada’s CIRO Introduces Crypto Custody Framework to Mitigate Risks
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BTCCSquare news:
Canada's Investment Regulatory Organization (CIRO) has unveiled a new regulatory framework for crypto asset custody, targeting risks from security breaches, fraud, and governance lapses. The Digital Asset Custody Framework outlines stringent measures for dealer members operating crypto trading platforms (CTPs) to safeguard digital assets.
The framework will be temporarily enforced through membership terms, allowing swift adaptation to emerging threats while permanent regulations are finalized. CIRO emphasizes addressing technological, operational, and legal vulnerabilities—a MOVE partly inspired by the 2019 QuadrigaCX collapse that left investors with heavy losses.
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