.BIS_org's Basel Committee on Banking Supervision has endorsed global banking rules to be implemented by 2025 that encourage a 2% limit on crypto exposure. camomileshumba reports
on banks could be too restrictive and could derail innovations using distributed ledger technology. Now there is more wiggle room.
“Today’s endorsement by the GHOS marks an important milestone in developing a global regulatory baseline for mitigating risks to banks from crypto assets," said Tiff Macklem, chair of the GHOS, the oversight body of the committee. The classification conditions the committee have set out include ensuring crypto passes a redemption risk test and basis risk test."The redemption risk test is to ensure that the reserve assets are sufficient to enable the crypto assets to be redeemable at all times," the report said. Meanwhile, the basis risk test"aims to ensure that the holder of a crypto asset can sell it in the market for an amount that closely tracks the peg value," the report said.
Regulators have taken a cautious approach to regulating the crypto sector, which has been extremely volatile lately.
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