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Global banking regulator urges toughest capital rules for crypto
By Philip Stafford and Owen Walker
Financial Times, London
Thursday, June 10, 2021
Global regulators are calling for cryptocurrencies to carry the toughest bank capital rules of any asset, arguing that requirements for holding bitcoin and similar tokens should be far higher than those for conventional stocks and bonds.
Banks with exposure to volatile cryptocurrencies should face stricter capital requirements to reflect the higher risks, said the Basel Committee on Banking Supervision, the world’s most powerful banking standards-setter.
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Its intervention came in a report released today as policymakers around the world step up plans to regulate the fast-emerging market.
The Basel committee acknowledged that while banks' exposure to the nascent crypto industry was limited, "the growth of crypto assets and related services has the potential to raise financial stability concerns and increase risks faced by banks."
Among the risks it cited included market and credit risk, fraud, hacking, money laundering, and terrorist financing risk. ...
... For the remainder of the report:
https://www.ft.com/content/3fe7be31-179a-47dd-9a61-8f4ea42b9c62
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