Basel Committee Discusses Cryptocurrency Document Again

The Basel Committee on Banking Supervision has published an update on its May 27 meeting. At that meeting, it was reported significant progress had been made on a consultation paper on a “prudential approach to banking risks with respect to crypto-assets.”

The institution first published last year a consultation paper proposing strict capital requirements for banks with access to crypto, in addition to applying the existing framework to crypto and issuing recommendations to close any gaps.

According to an official statement, the document is scheduled to be published in late 2022. According to the document:

“Recent events have further underscored the importance of having a global minimum prudential framework to mitigate the risks associated with crypto assets.”