News with the tag "basel committee"

To mitigate risks associated with public blockchain networks, the paper proposed appointing an entity with the authority to "control and limit access" to cryptocurrency assets.

Banks that transact on permissionless blockchains face multiple risks, including money laundering and terrorism financing, the Basel Committee on Banking Supervision said.

The Basel Committee, responsible for setting standards for bank regulation, has revised its crypto asset standard, introducing new considerations that impact stablecoins. The updated standard favors permissioned stablecoins, such as JPM Coin, over those issued on public chains. This has elicited cri...

The committee is unveiling the standards later in July, culminating a yearslong process.

The Basel Committee's framework, based on responses to a December 2022 discussion paper, must be implemented by 2026.

Regulators have been looking to regulate crypto and mitigate against the risks posed by banks exposure to crypto.

The country hopes to align local requirements with those proposed by international banking regulators.

The Basel Committee on Banking Supervision has proposed standardized disclosure templates for major banking institutions regarding their crypto asset exposure, aiming for implementation by 2025.

In a consultative document, the Basel Committee said the measures would reduce information asymmetry among banks and market participants. Financial institutions might soon be required to disclose their exposure to cryptocurrencies. The Basel Committee on Banking Supervision, headquartered at the…

The guidance will ensure transparency and market discipline, the Basel Committee on Banking Supervision said