Governors reaffirm Basel III commitment, update on cryptoasset standards

Governors reaffirm Basel III commitment, update on cryptoasset standards

Governors reaffirm Basel III commitment, update on cryptoasset standards

5 min read

The Group of Central Bank Governors and Heads of Supervision (GHOS), the oversight body of the Basel Committee on Banking Supervision, met on 13 May 2024 to review the status of Basel III reforms, which were finalised in 2017.

Members have continued to make good progress with implementation. Around two thirds of member jurisdictions will have implemented all, or the majority, of the standards by this year, with the remaining jurisdictions planning on doing so by next year.

GHOS members unanimously reaffirmed their expectation of implementing all aspects of the Basel III framework in full, consistently and as soon as possible. The series of shocks to financial markets over the past few years have once again highlighted the importance of having a prudent global regulatory framework in place. The GHOS tasked the committee with continuing to monitor and assess the full and consistent implementation of Basel III.

Cryptoasset standard

The GHOS also agreed to defer implementation of the committee’s prudential standard for banks’ cryptoasset exposures by one year to 1 January 2026.

The standard, which was endorsed by the GHOS in December 2022, provides a robust and prudent global regulatory framework for internationally active banks’ exposures to cryptoassets which preserves financial stability while promoting responsible innovation.

As part of its ongoing monitoring of cryptoasset market developments, the committee consulted on a set of targeted revisions to the standard in December 2023. It will discuss whether to make any revisions to the standard later this year.

The revised implementation date will help to ensure that all members are able to implement the standard in a full, timely and consistent manner.

Re-disseminated by The Asian Banker

(function(d, s, id) {
var js, fjs = d.getElementsByTagName(s)[0];
if (d.getElementById(id)) return;
js = d.createElement(s); js.id = id;
js.src = “//connect.facebook.net/en_US/sdk.js#xfbml=1&appId=503414959796410&version=v2.0”;
fjs.parentNode.insertBefore(js, fjs);
}(document, ‘script’, ‘facebook-jssdk’));

by : on 2024-05-14 09:32:00

Source link

#Governors #reaffirm #Basel #III #commitment #update #cryptoasset #standards

Capital Media

Read Previous

Oil prices tick up on tighter supply outlook By Reuters

Read Next

Asia shares hit 15-month high as traders wait for CPI By Reuters