Bitpush News, the Bank for International Settlements (BIS) has approved proposed regulations concerning banks’ disclosure of cryptocurrency risk exposures. The Basel Committee on Banking Supervision, a BIS affiliate, sanctioned the proposed regulations on banks’ disclosure of cryptocurrency asset risk exposures and amendments for the prudent regulation of cryptocurrency assets during its meetings on the 2nd and 3rd of this month. This will mandate banks to disclose information about their risk exposures to virtual assets, including transaction activities and holdings.
The Basel Committee commenced the drafting of the proposed regulations in December 2022, aiming to establish standards for risk assessment of virtual assets and provide ample information. The Basel Committee is set to release more details on the proposed rules later this month. The finalized rules will be applicable starting from the year 2026.
Tags: BIS, Cryptocurrency
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