Basel Group To Update Standards On Climate, Cryptoassets

By Najiyya Budaly (November 9, 2021, 2:10 PM GMT) -- A global standards setter said on Tuesday that it plans to move forward its work on tackling risks to the banking system posed by climate change and cryptocurrencies after identifying them as weaknesses in the worldwide banking system.

The Basel Committee on Banking Supervision, a group of 45 central banks and supervisors from 28 jurisdictions, said it will examine how regulators should manage financial risks created by extreme weather such as floods and hurricanes. The group said it is developing disclosure rules for lenders as well as regulatory measures as it takes on climate risks.

Regulators have warned that banks rely...

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