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Canada Strengthens Crypto Security with New Custody Rules
Canada Strengthens Crypto Security with New Custody Rules
BTCCSquare news:
Canada's investment regulator has unveiled a stringent custody framework for cryptocurrency assets, aiming to mitigate risks from hacking, fraud, and operational failures. The Canadian Investment Regulation Organization (CIRO) will enforce provisional rules until permanent legislation is enacted.
The framework introduces a four-tiered risk classification for custodians, evaluating capital reserves, insurance coverage, and operational robustness. Top-tier providers may custody 100% of client assets, while lower tiers face a 40% cap. This structure prioritizes institutional accountability in a sector historically plagued by security lapses.
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