Global Regulator Floats Risk Controls For Cryptoassets
Law360, London (November 1, 2019, 11:20 AM GMT) -- Banks should hold capital buffers to shield themselves from the “high degree” of risk that comes from holding cryptoassets, a global standards setter for the financial sector has proposed.
The Basel Committee on Banking Supervision, a group of regulators that sets guidance for lenders around the globe, said on Thursday that it will seek guidance on how national watchdogs should be monitoring cryptoassets held by banks.
Cryptoassets include digital currencies, such as Bitcoin. But the Basel Committee, which includes regulators from Europe and the U.S., warned that the instruments pose risks and that banks could be forced to increase their capital reserves....
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