Finally a (very) beginning of recognition? – Say that the Bank for International Settlements (BIS) Doesn’t Like Bitcoin is an understatement. But this new asset and its siblings have established themselves in the financial markets. the Basel Committee – hosted by the BIS in the Swiss city of the same name – thus must have felt compelled to grant at least a small place to cryptocurrencies in the capital of banks, but really a small one.
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In no case more than 2% in Bitcoin, and even less than 1% if possible
Within the Bank for International Settlements, the Basel Committee on banking supervision finalized a proposal of Politics to hold on to cryptocurrencies. titled ” Prudential treatment of exposures to crypto-assets “, this proposal sets a 2% limit of cryptos in the so-called “tier 1” capital of banks.
And beware, ideally the Basel Committee would prefer that banks do not exceed 1% of cryptocurrencies. The maximum 2% would be a margin of tolerance not to be crossed under any circumstances. For cryptos from “Group 2” (such as Bitcoin) that would not meet the “Group 1” classification (traditional tokenized assets and stablecoins with reserves), a additional constraint of “risk weighting”, in the form of cash collateral fiatshould be incorporated.
“The validation of this day by the GHOS (Group of Central Bank Governors and Heads of Supervision) marks an important step in the development of a global regulatory base, which aims to mitigate the risks posed by crypto-assets for banks. It is important to continue to monitor bank-related developments in the crypto-asset markets. We remain ready to take further action if necessary. »
Tiff Macklem, Chairman of GHOS and Governor of the Bank of Canada
The Basel Committee would like these rules to be implemented by January 1, 2025. With the MiCA regulation expected to arrive in 2024 in the European Union, the regulatory vice will tighten more than ever on Bitcoin and cryptocurrencies, especially if they are unfortunate enough to be decentralized.
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