Marina Reason and Chris Hurn discuss the FCA's proposals for regulating cryptoasset custody, set out in chapter 4 of consultation paper 25/14. This is our second podcast considering CP25/14: we unpacked the FCA's proposals on issuing qualifying stablecoins in our podcast "Decrypting the FCA stablecoin rules". We also examined CP25/15, the FCA's proposed new prudential regime for cryptoasset firms, in our podcast "Decoding the FCA crypto capital rules". These FCA consultations followed publication by HM Treasury of near-final draft legislation to create new regulated activities for cryptoassets, and an FCA discussion paper (DP25/1) on regulating cryptoassets, We discussed these developments in our podcast on "The Top 3 takeaways from the new crypto rules" - and our related blog post.