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According to a top JPMorgan official, there must be a global unified crypto regulatory framework for banks to handle the crypto assets of their significant corporate customers. The official highlighted the need for a worldwide regulatory structure and the importance of having a feasible solution as quickly as possible.
JPMorgan Vouches for Global Regulation for Banks
Monday and Tuesday were the days for the International Swap and Derivatives Association (ISA). During the conference, Debbie Toennies, managing director of JPMorgan Chase & Co.'s regulatory affairs, spoke about how banks are governed when dealing with cryptocurrencies. The JPMorgan executive said banks need new rules to give them more confidence that they can manage crypto assets on behalf of many people who want to invest in them. A growing number of important businesses, including hedge funds, are interested in investing in and gaining exposure to the Bitcoin asset class. Based on its report, Wells Fargo said that Bitcoin has entered the 'hyper adoption phase'. Toennies said that JPMorgan had been contacted by many big companies who wanted to protect their crypto assets by putting them in a safe place. In my opinion, a worldwide regulatory framework is necessary. We need to find a solution to this situation as quickly as possible.
Discussions by the Members of Basel Committee
Members of the Basel Committee on Banking Supervision also discussed how banks should handle bitcoin holdings. As proposed by the committee in June of last year, crypto-assets should be separated into two groups and regulated according to their market, liquidity, credit, and operational risks to banks; as proposed by the, in contrast, final rules aren't expected until at least next year. While waiting for the Basel Committee to develop a set of guidelines for digital assets, officials at Toennies said the global investment bank has been talking to several different governments regarding 'interim treatment.'