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Committee of Global Regulators Calls on Banks to Minimize Risks of Crypto Assets

Basel has published a second banking consultation that includes the risks of blockchain technology. Previously, it had made a series of recommendations related to losses...
Committee of Global Regulators Calls on Banks to Minimize Risks of Crypto Assets Committee of Global Regulators Calls on Banks to Minimize Risks of Crypto Assets

  • Basel has published a second banking consultation that includes the risks of blockchain technology.
  • Previously, it had made a series of recommendations related to losses from holding bitcoins.
  • Global financial regulators are concerned about what is currently happening in the market and its impact on the financial system.

The global Committee of banking regulators in Basel (BIS) based in Switzerland, is proposing to banks that they include in their budget forecasts the risks derived from those with crypto assets, as reported by Reuters.

Banking regulators from major global financial centers that make up the committee said on Thursday that banks would take a conservative approach on the issue of business related to blockchain technology.

Specifically, the Basel Committee is calling for bankers to set aside a percentage of capital to cover the risks of “unbacked” digital assets on their books.

Concern Over Crypto Market Movements

The current crisis of the crypto market with the collapse of terraUSD, the collapse of cryptocurrencies and the gigantic losses accumulated by DeFi companies, in recent weeks, have caused concern in the governing body of the global financial system.

Global regulators are concerned about the potential risks that the crypto winter poses to the global financial system. Although the regulated crypto finance sector is still small compared to the size of traditional markets (stocks, bonds and derivatives).

This is the second time that the Basel Committee has made recommendations to the banking sector on the handling of crypto assets. The capital reserve proposal aims to cover the losses of cryptocurrencies not backed by fiat money and stablecoins with less secure certainty mechanisms.

Limit Crypto Exposure

The committee affirms that these assets should be treated as conservatively and prudently as possible with capital reserves, in the face of any eventual loss. Likewise, it proposes establishing a new limit for gross exposures to this type of asset.

The first consultation of the Basel Committee on digital finance was in June 2021. The regulators then proposed that banks have enough capital to cover the losses generated by holding bitcoins.

To develop this proposal, the committee divided digital assets into two large groups. On the one hand, the stablecoins and on the other, the cryptocurrencies and other cryptoactives of higher risk.

Regarding this last group, it indicated that it was necessary to give it a more conservative treatment in terms of capital. The new Basel proposals incorporate new elements, such as the provision of additional capital covering “evolving risks” of blockchain technology.

The committee of regulators will continue to evaluate the performance of the market to determine if it is necessary to add new proposals or further tighten the current ones. By the end of the year, the body plans to publish the rules related to crypto finance.

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01-05-2024 10:45:17 (UTC+7)

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 EUR/USD1.0658↑ Sell
 GBP/USD1.2475↑ Sell
 USD/JPY157.91↑ Buy
 AUD/USD0.6469Neutral
 USD/CAD1.3780↑ Buy
 EUR/JPY168.32↑ Buy
 EUR/CHF0.9808Neutral
 Gold2,295.80↑ Sell
 Silver26.677↑ Sell
 Copper4.5305↑ Buy
 Crude Oil WTI81.14↑ Sell
 Brent Oil85.62↑ Sell
 Natural Gas1.946↑ Sell
 US Coffee C213.73↑ Sell
 Euro Stoxx 504,920.55↑ Sell
 S&P 5005,035.69↑ Sell
 DAX17,921.95↑ Sell
 FTSE 1008,144.13Sell
 Hang Seng17,763.03↑ Sell
 Small Cap 20001,973.05↑ Sell
 IBEX 3510,854.40Neutral
 BASF49.155↑ Sell
 Bayer27.35↑ Sell
 Allianz266.60↑ Sell
 Adidas226.40↑ Sell
 Lufthansa6.714Neutral
 Siemens AG175.90↑ Sell
 Deutsche Bank AG15.010Neutral
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