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Basel Committee Proposes Bank’s Crypto Exposure
Banks should declare their exposure to cryptocurrencies, according to a proposal made by the Basel Committee on Banking Supervision.
The committee, which is composed of financial regulators and central banks from 28 different countries, seeks to establish uniform disclosure standards for banks’ exposure to crypto assets.
Banks would be required by the proposed legislation to submit both quantitative and qualitative statistics on their operations related to cryptocurrencies.
The regulations’ proposed implementation date is January 1, 2025, and the consultation period will be open until January 31, 2024. The objective is to lessen the disparity in information between banks and market participants.
(With inputs from Shikha Singh)
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