Canada's investment regulator, CIRO, recently released a new digital asset custody framework aimed at strengthening the regulation of crypto asset custody and improving investor protection. Drawing lessons from past events such as the collapse of QuadrigaCX, the framework focuses on preventing hacking, fraud, weak corporate governance, and bankruptcy risks. According to the guidelines, the new framework establishes a tiered, risk-based custody structure, allowing for compliance innovation while imposing differentiated regulatory requirements on different custody models. CIRO stated that it will continue to update the framework to adapt to evolving industry developments as custody methods and cybersecurity risks continue to evolve.