The post Bank for International Settlements (BIS) Approves a Decision on Cryptocurrencies appeared on BitcoinEthereumNews.com.

The Basel Committee on Banking Supervision, the world’s leading standard setter for bank risk assessment, has approved a new disclosure framework for bank exposure to cryptocurrencies. This framework is planned to be implemented in early 2026, as central banks around the world aim to strengthen market discipline and ensure sufficient information is available for risk assessment. The committee, which is part of the Bank for International Settlements (BIS), announced in a press release on Wednesday that it will release more details later this month. The framework, which includes a set of publicly available tables and templates detailing banks’ cryptocurrency exposures, was completed following a review of responses to a consultation first published in December 2022. The framework requires banks to disclose both qualitative information about their crypto activities and quantitative information about their exposure to cryptocurrencies. In addition to the framework, the committee also approved a number of targeted revisions to the crypto-asset prudential standard. “These revisions are intended to further promote a consistent understanding of the standard, particularly with respect to the criteria for stablecoins to receive preferential ‘Group 1b’ regulatory treatment,” the committee said in its statement. The revised version will also be published at the end of this month and is expected to be implemented in early 2026. *This is not investment advice. Follow our Telegram and Twitter account now for exclusive news, analytics and on-chain data! Source: https://en.bitcoinsistemi.com/bank-for-international-settlements-bis-approves-a-decision-on-cryptocurrencies/

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Filed under: News - @ July 4, 2024 6:24 pm