The AICPA’s Assurance Services Executive Committee (ASEC) issued an exposure draft on Thursday, June 12, featuring a framework of controls to support stablecoin issuers.
ASEC requests comments by Monday, Aug. 11, on Proposed Criteria for Controls Supporting Token Operations: Specific to Asset-Backed Fiat-Pegged Tokens.
The AICPA developed the framework after identifying a need for criteria to evaluate whether controls are suitably designed and operating effectively to achieve the control objectives of token operations over a specified period.
The proposed criteria are divided into eight control areas, including token generation and management; client onboarding and maintenance; customer transaction processing; and key and backup management. Learn more.