Who has custody of crypto assets?

In the realm of cryptocurrency and finance, the question of who holds custody of crypto assets looms large. Could you elaborate on the various parties involved in safeguarding these digital assets? Are they primarily entrusted to individuals, exchanges, or specialized custodial services? What measures are typically implemented to ensure the safety and integrity of crypto assets, considering the inherent risks posed by digital currencies? Are there regulatory frameworks in place that govern crypto custody, or are they largely unregulated? Understanding the nuances of crypto custody is crucial for investors and stakeholders alike.