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" - https://soundcloud.com/hsfkramer/fsr-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" - https://soundcloud.com/hsfkramer/fsr-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" - https://soundcloud.com/hsfkramer/fsr-the-new-uk-crypto-rules - and our related blog post - https://www.hsfkramer.com/notes/fsrandcorpcrime/2025-posts/uk-cryptoassets-regime-the-draft-rules-have-landed.