Bank

2024

The Basel Committee on Banking Supervision has approved a final disclosure framework for banks’ crypto asset exposures, set to be implemented by January 1, 2026. This framework includes standard public tables and templates to improve transparency and support responsible practices in the banking sector. The decision followed a review of feedback on the Committee’s consultation, which began in May 2023 after the initial proposal in December 2022. 
Additionally, the <a href="https://www.bis.org/press/p240703.htm" target="_blank" data-type="link" data-id="https://www.bis.org/press/p240703.htm" rel="noreferrer noopener nofollow">Committee finalized</a> revisions to its crypto asset prudential standard, including specific criteria for stablecoins to receive a “Group 1b” regulatory treatment. The updated standard, like the disclosure framework, will be published later this month, with an implementation deadline also set for January 1, 2026. 
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 At its July meeting, the <a href="https://twitter.com/hashtag/BaselCommittee?src=hash&amp;ref_src=twsrc%5Etfw" target="_blank" rel="noopener">#BaselCommittee</a> approved a disclosure framework for banks’ cryptoasset exposures and agreed to make targeted amendments to its cryptoasset standard <a href="https://twitter.com/hashtag/BaselIII?src=hash&amp;ref_src=twsrc%5Etfw" target="_blank" rel="noopener">#BaselIII</a> <a href="https://t.co/D62XJBuuc7" target="_blank">https://t.co/D62XJBuuc7</a> <a href="https://t.co/VHYvHepvXA" target="_blank">pic.twitter.com/VHYvHepvXA</a>— Bank for International Settlements (@BIS_org) <a href="https://twitter.com/BIS_org/status/1808516573612663035?ref_src=twsrc%5Etfw" target="_blank" rel="noopener">July 3, 2024</a>
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Where tokenized deposits and stablecoins are concerned, the Committee warned about the threats that surround such exposures by the banks to the public. While present market conditions may present only manageable risks, the Basel Framework captures these issues and there will be ongoing monitoring. 
Due to the constant changes in third-party service providers, the Basel Committee decided to proceed with the development of the consultative document that sets out fundamental guidelines for the sound management of third-party risk.&nbsp; 
<blockquote class="wp-block-quote is-layout-flow wp-block-quote-is-layout-flow"> 
 Also Read: <a href="https://www.cryptotimes.io/2024/06/15/central-banks-boost-crypto-experiments-bis-survey-reveals/" target="_blank" data-type="link" data-id="https://www.cryptotimes.io/2024/06/15/central-banks-boost-crypto-experiments-bis-survey-reveals/" rel="noreferrer noopener">BIS Survey Shows Sharp Rise in CBDC Trials Among Central Banks</a> 
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Basel Committee Finalizes Crypto Banking Framework

The Crypto Times

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