Switzerland gets a new industry standard for crypto custody

By Staff Writer

Switzerland is introducing a common industry standard for management and custody of cryptos. The new standard comes from its CMTA (Capital Markets and Technology Association).

The CMTA announced the new standard calling it a ‘Digital Assets Custody Standard.’ According to its announcement, the goal is to bring more clarity to the differences between storing cryptos and traditional assets.

In addition to that, the CMTA believes that it is important to set some baseline operational and security requirements. Otherwise, the industry actors would remain at risk. CMTA made similar moves before, when it published its AML standards.

Of course, neither those, nor this week’s custody standards have the status of formal regulations. But, they will serve as a mark of consensus among experts in the financial sector.

 

Share
Leave a Reply

Your email address will not be published. Required fields are marked *