Canada Implements Crypto Custody Regulations Post-QuadrigaCX

Canada's investment regulators establish new crypto custody rules aimed at enhancing protection for investors and preventing incidents like QuadrigaCX.

The Canadian Investment Regulatory Organization (CIRO) has introduced a new framework for digital asset custody that is now in effect. This initiative is designed to elevate the benchmarks for cryptocurrency trading platforms as part of a broader effort by regulators to mitigate risks for investors.

In light of the infamous QuadrigaCX incident, which resulted in significant financial losses for many users, these regulations represent a proactive response to enhance the safety and security of digital asset management. CIRO's stringent measures aim to foster a more secure environment for crypto investors across Canada.