Basel Committee Tightens Cryptoasset Standards

Aug 9, 2024 Benn-Ibler Rechtsanwälte

The Basel Committee on Banking Supervision has finalised targeted amendments to its standard on banks’ exposures to cryptoassets.

The Committee, along with targeted amendments to its cryptoassets standard published in December 2022, has recently published its final framework for the disclosure of banks’ exposures to cryptoassets.

The Committee has also published targeted amendments to its crypto asset Standard to tighten the criteria for preferential regulatory treatment of certain stablecoins.

The final disclosure framework includes a set of standardised tables and templates for banks’ cryptoasset exposures. These require banks to disclose qualitative information on their cryptoasset-related activities and quantitative information on the capital and liquidity requirements for their cryptoasset exposures.

The use of common disclosure requirements aims to improve the availability of information and promote better market discipline.

Targeted amendments to the cryptoasset standard aim to promote a common understanding of the standard, particularly in terms of the criteria for stablecoins. A number of other technical amendments clarify other aspects of the standard.

The Committee will continue to monitor developments in the cryptoasset markets and the need for mitigation of new risks.

Both standards are due to be implemented with effect from 1 January 2026.

BIS Press Release (17 July 2024)