Wu learned that the Investment Industry Regulatory Authority (CIRO) of Canada has released a digital asset custody framework as a transitional regulatory arrangement, imposing clear custody requirements on brokerage members operating crypto asset trading platforms in Canada. The framework adopts a risk-based tiered system, distinguishing between crypto assets and tokenized financial assets. While maintaining traditional securities custody rules, the framework introduces core requirements for digital asset custody, including capital, technology and cybersecurity, insurance, legal safeguards, asset segregation, and caps on custody ratios. It also strengthens investor protection and reduces custody, governance, and bankruptcy risks through continuous monitoring and reporting mechanisms.