The Basel committee also reviewed the topic of crypto assets and bank exposure in June earlier this year. At the time, the committee mentioned they were focusing on permissionless blockchains as well as the eligibility criteria for 'Group 1' stablecoins.
The proposed regulations are currently open to the public for comments, and if approved, they will come into effect by Jan. 1, 2025.The Basel Committee on Banking Supervision of the Bank for International Settlements released a consultation paper on Oct. 17, proposing to make it compulsory for banks to disclose their crypto exposure.
The consultation paper focused on crypto assets exposure for banks aims to set a standardized “disclosure table and set of templates for banks' crypto-asset exposures” with a proposed implementation date of Jan. 1, 2025. The Basel Committee has opened the proposal for public comment until Jan. 31, 2024, the results of which will be published on the BIS website.
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