BIS approves risk reporting standard for cryptocurrency banks
They will come into effect from the beginning of 2026
04.07.2024 - 11:50
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What’s new? The Basel Committee on Banking Supervision, working with the assistance of the Bank for International Settlements (BIS), has approved a disclosure framework for banks dealing with cryptocurrencies. It includes a standardized set of templates for describing the risks associated with these assets. It will be published later this month and implemented for use from January 1, 2026.
What else is known? Back in December 2022, the committee published standards for banks’ handling of crypto assets, after which it held a consultation to gather recommendations and approve final rules. The press release notes that the disclosures are aimed at maintaining order in the market.
The meeting in early July also discussed the ability of banks to act as issuers of stablecoins and tokenized deposits. The committee noted that the risks to financial stability associated with these products depend to some extent on regulation, which has already been taken into account in the committee’s standards.
However, the press release noted that the committee will continue to monitor this area and other developments in the crypto asset markets.
Bolivia has lifted a multi-year ban on banks’ work with cryptocurrency
The Central Bank banned such operations back in 2020
Last month, it was reported that the BIS will begin using national cryptocurrencies for instant cross-border payments as part of the Rialto project with the central banks of Germany and France.
Earlier, BIS called securing the privacy of the nation’s cryptocurrencies as one of its priorities this year.
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