CMTA issues Digital Assets Custody Standard

The Capital Markets and Technology Association (CMTA) has launched a standard for digital tokens and coins. Switzerland based CMTA’s Digital Assets Custody Standard aims to set a common standard for custody and management of digital assets, along with the baseline security and operational requirements for industry players.

The Digital
Assets Custody Standard is a set of common principles for the management,
trading and custody of crypto-assets.

In a statement, General Secretary at the CMTA (*And Partner at Lenz & Staehelin), Fedor Poskriakov said, “The launch of the “Digital Assets Custody Standard” represents a key milestone, as it is the first initiative of the Swiss financial industry to agree on a common standard for custody and management of digital assets. This will greatly contribute to the emergence of fully digital capital market infrastructures, including integrated custody and secondary trading venues. The benefits of the digitalization of the financial industry are such that the evolution towards decentralized infrastructures seems inevitable”.

The CMTA
has underlined that the storage of virtual currency assets is different from the
traditional assets as it requires decentralized infrastructure for storage to
prevent theft or hacking.

An independent Swiss association CMTA is a non-profit organization, which was established in 2018 by Swissquote, Switzerland’s largest online bank, Lenz & Staehelin law firm, and Temenos, the banking software maker based in Geneva.

Source - Fintech Switzerland

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