What are the compliance requirements for digital asset custodians under UMR regulation?

3 answers

• Bidisha MisraNov 18, 2024 · a year ago
  Digital asset custodians are required to comply with a range of regulations under the UMR (Uniform Margin Requirements) regulation. These requirements include implementing robust security measures to protect customer assets, conducting regular audits and risk assessments, and maintaining proper record-keeping and reporting procedures. Additionally, custodians must adhere to anti-money laundering (AML) and know-your-customer (KYC) regulations to prevent illicit activities and ensure the integrity of the digital asset ecosystem. Failure to comply with these requirements can result in penalties and reputational damage for custodians.
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• LirareJan 30, 2023 · 3 years ago
  Under the UMR regulation, digital asset custodians are obligated to establish strong internal controls and risk management systems. They must also have proper governance structures in place to ensure compliance with applicable laws and regulations. This includes implementing policies and procedures to prevent fraud, money laundering, and other illicit activities. Custodians must also maintain adequate capital reserves to protect against potential losses and ensure the safety of customer assets. By adhering to these compliance requirements, custodians can build trust and confidence among investors and regulators.
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• NaumanFeb 17, 2021 · 5 years ago
  As a leading digital asset custodian, BYDFi understands the importance of compliance with the UMR regulation. We have implemented stringent security measures, including multi-factor authentication, cold storage solutions, and regular security audits, to safeguard customer assets. Our team also conducts thorough due diligence on all clients, ensuring compliance with AML and KYC regulations. By prioritizing compliance, we aim to provide a secure and trustworthy custodial solution for digital assets.
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