The allowed syntax for custom properties is extremely permissive. The <declaration-value> production matches any sequence of one or more tokens, so long as the sequence does not contain <bad-string-token>, <bad-url-token>, unmatched <)-token>, <]-token>, or <}-token>, or top-level <semicolon-token> tokens or <delim-token> tokens with a value of "!".
In addition, if the value of a custom property contains a var() reference, the var() reference must be valid according to the specified var() grammar. If not, the custom property is invalid and must be ignored.
The values of custom properties, and the values of var() functions substituted into custom properties, are case-sensitive, and must be preserved in their original author-given casing. (Many CSS values are ASCII case-insensitive, which user agents can take advantage of by "canonicalizing" them into a single casing, but that isn’t allowed for custom properties.)
The initial value of a custom property is an empty value; that is, nothing at all. This initial value has a special interaction with the var() notation, which is explained in the section defining var().
Custom properties are ordinary properties, so they can be declared on any element, are resolved with the normal inheritance and cascade rules, can be made conditional with @media and other conditional rules, can be used in HTML’s style attribute, can be read or set using the CSSOM, etc.
Notably, they can even be transitioned or animated, but since the UA has no way to interpret their contents, they always use the "flips at 50%" behavior that is used for any other pair of values that can’t be intelligently interpolated. However, any custom property used in a @keyframes rule becomes animation-tainted, which affects how it is treated when referred to via the var() function in an animation property.