IMF Division Chief and Deputy Managing Director Call for Swift Regulatory Action to Avoid Crypto Contagion to Legacy Finance

IMF international Monetary Fund crypto contagion risksAn International Monetary Fund (IMF) division chief and deputy managing director are calling for more action to be taken in the regulatory aspect to avoid crypto’s ups and downs affecting banks and traditional financial institutions. Nobuyasu Sugimoto, deputy division chief of the financial supervision and regulation division of the IMF, and Bo Li, deputy managing […]

Go to Source

Powered by WPeMatico

Davos 2023: Banking Panel Reinforces the Need for Crypto Regulation

wef 2023 davos banking crypto regulationA group of global banking experts hosted by the World Economic Forum (WEF) convened about the need for global crypto regulation, including stablecoins and unbacked crypto assets. The panel agreed there must be at least some kind of base regulation for these assets and bank-equivalent regulation for blockchain applications seeking to offer products similar to […]

Go to Source

Powered by WPeMatico

Basel Committee Finalizes Rules for Bank Exposure to Cryptocurrency Assets

basel committee crypto exposureThe Basel Committee, the organization in charge of setting global bank standards, has finalized its new rules related to banks and cryptocurrency exposure. The document establishes two different crypto asset classes, including tokenized real assets and stablecoins in one, and other cryptocurrencies in another, discriminating on the collateral and quantity that banks might hold for […]

Go to Source

Powered by WPeMatico

Basel Study Shows World’s Largest Banks Are Exposed to $9 Billion in Crypto Assets

Basel Study Shows World's Largest Banks Are Exposed to $9 Billion in Crypto AssetsA first-of-its-kind study published by the Basel Committee on Banking Supervision details that the world’s largest financial institutions are exposed to roughly €9.4 billion (US$9 billion) in crypto assets. The research paper authored by the Basel Committee’s secretariat Renzo Corrias further explains that out of all the banks’ total risk exposure, cryptocurrency exposure is estimated […]

Go to Source

Powered by WPeMatico

Basel Committee Proposes Differentiating Regulation of Crypto Assets Based on Risks to Banks

Basel Committee Proposes Differentiating Regulation of Crypto Assets Based on Risks to BanksThe Basel Committee on Banking Supervision has proposed dividing crypto assets into two groups and regulating them based on their market, liquidity, credit, and operational risks to banks. Cryptocurrencies, such as bitcoin, will be subject to “a new conservative prudential treatment.” Crypto Regulation Proposed by Basel Committee on Banking Supervision The Basel Committee has proposed […]

Go to Source

Powered by WPeMatico