Basel Committee, Organization Banks Responsible for Global Settings standards have finalized new rules related to banking and cryptocurrency exposure. The document establishes two distinct crypto asset classes, including tokenized real assets and stablecoins in one, and other cryptocurrencies in another, and defines the collateral and amount banks hold in each. distinguish.
Basel Committee Defines Final Rules for Cryptocurrency Exposure
As banks move into the arena of cryptocurrency services, standards bodies are now define how it can be done. keep the cipher. The Basel Committee, the body that sets standards for banks at the global level, has finalized rules defining the requirements to allow banks to have cryptocurrency exposure, dividing assets into two distinct groups.
The first group includes stablecoins and tokenized assets, while the second group includes other cryptocurrencies. Among the new directivesannounced by the
agency on December 16 is establishing the maximum amount of crypto a bank can have. It is recommended that this be 1% of Tier 1 capital, which includes the institution’s core assets such as reserves and equity. However, the Basel Committee has set 2% as the maximum amount of cryptocurrency banks can hold.
Stablecoins that are part of the first group must follow strict rules to be considered as such and cannot be received as collateral.
Evolution of the Framework
This new group of rules is the result of his third consultation among the members of the group and the decisions adopted as part of the second iteration have been heavily criticized for some of the For example, the latest version of this document includes hedging of cryptocurrency assets with a 100% capital charge, which was not mentioned in previous versions.
Commenting on the importance of this cryptographic framework, Pablo Hernández de Cos, Chairman of the Basel Committee and Governor of the Bank of Spain, said:
The Commission’s Criteria on Crypto-Assets reflects our commitment, willingness, and commitment to act in a globally coordinated manner to mitigate emerging financial stability risks. and more examples of abilities.
In October, the Basel Committee determined that banks around the world were exposed to $9 billion worth of cryptocurrency assets.
Cryptocurrency-related regulations will begin to apply on January 1, 2025, and are subject to further changes as the Commission monitors crypto-situation behavior with banks.
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