EU lawmakers have reached an agreement on capital requirements for banks that hold crypto-assets ahead of more comprehensive reforms.
Stay updated on Pro Crypto Ecosystems news by locking ACS tokens with The Block.No wallet? No problem. You can set one up for free. We recommend Torus for first-time users.EU lawmakers have agreed on capital requirements for banks holding crypto, as part of a transitional regime until more extensive reforms are implemented.for crypto assets and on amendments to enhance banks' management of ESG risks.
Referring to risk assets such as un-backed cryptocurrencies, MEPs stated"The Commission should come up with a relevant legislative proposal to implement these futurestandards and specify the prudential treatment of such exposures during the transitional period." MEP Jonás Fernandez added the transitional arrangements will include"setting capital requirements for crypto assets until the Commission puts forward a specific legislative proposal." He added the new banking legislation should lower the risk of future banking crises.Committee on Economic and Monetary Affairs, which stated that"details of the deal will follow.
Global standards for regulating bank exposure to crypto assets are being finalized at the Basel Committee on Banking Supervision. The details so far suggest a tough line on the prudential treatment for bank crypto-asset exposure. The Basel III agreement was a response to the Global Financial Crisis of 2007/2008. Drafted by the EU and its G20 partners, it comprises several measures to enhance prudential regulatory standards, supervision, and risk management of banks.
© 2023 The Block Crypto, Inc. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
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