KPMG, a global consulting giant, has highlighted the need for strong custodial practices in the crypto industry to boost institutional adoption of Bitcoin. In a recent report, KPMG emphasized the importance of custodians in safeguarding investors' Bitcoin holdings and addressing emerging threats. The report also mentioned the challenges of managing cryptographic keys and the role custodians play in reducing complexity and risk for new investors. KPMG urged custodians to improve security frameworks, comply with regulations, and adopt transparent practices to foster trust within the system. The report cautioned custodians to stay ahead of emerging threats, such as those posed by artificial intelligence, and adapt to new challenges in the evolving Bitcoin landscape. KPMG's recommendations emphasized the importance of prioritizing security, compliance, and transparency to build investor confidence and safeguard the integrity of the digital asset market. Despite regulatory challenges, banking giant BNY Mellon has secured a license to provide crypto custodial services in the US.



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