Current Work 

ASC X9 TR 60-202X Risk Assessment Framework for Bank Provided Crypto-Asset Custodial Accounts

Project Description| This work will supplement the Blockchain Risk Assessment Framework Technical Report by targeting bank-provided payment services and activities involving crypto-currencies and/or crypto-assets. Payment services include funds transfer, message transmission, payment processing, payment settlement, store value, and record transactions. These services are performed by banks today, but when a bank elects to operate a node on a blockchain network, exchange crypto-currencies, buy, sell, or issue crypto-assets, or custody related assets, new technical and operational risks should be identified and mitigated. This technical report will describe these risks and document questions to uncover risks associated with these activities.

Project Need| Crypto assets, as a financial class, are rapidly expanding but there are few standards to address the issues created by the development. The global market cap hovers around 2 trillion USD, greater than the subprime market prior to the 2008 financial crisis, and both public and private stakeholders are calling for a regulatory framework and establishment of standards. This technical report will start a process to fill these gaps with a framework to assess the risks associated with custodial accounts transferring and holding crypto assets and establish needed standards in this rapidly growing financial product domain.

Stakeholders| Banks, Brokers, government agencies, fintech innovators, cybersecurity experts, academic thought leaders

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