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According to a recent announcement by the Basel Committee on Banking Supervision, international banks are now required to provide both quantitative and qualitative data on their involvement in cryptocurrency-related activities.
These new guidelines are in addition to significant capital requirements already set by the committee aimed at discouraging banks from holding cryptocurrencies such as Bitcoin (BTC) and Ethereum (ETH) without proper support.
Notably, the move comes in response to recent challenges faced by cryptocurrency-related lenders like Signature Bank and Silicon Valley Bank.
These proposed regulations, which are slated to be implemented in 2025, require banks to disclose qualitative data on their crypto-related operations as well as quantitative data on their exposure to crypto-assets, along with relevant capital and liquidity requirements.
The committee, affiliated with the Bank for International Settlements, based in Basel, Switzerland, stressed that standardized disclosure formats would promote market accountability and help level the information playing field between banks and market participants.
Those plans were announced by the committee two weeks ago. The committee, which established the standards for conventional financial institutions to prevent a repeat of the 2008 financial crisis, is currently seeking feedback on these proposals until January 2024.
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