Banks Face Tough Global Capital Rules For Crypto Assets
Law360, London (June 10, 2021, 1:00 PM BST) -- Global financial regulators proposed tougher capital requirements on Thursday for banks holding Bitcoin and other cryptocurrencies, as authorities seek to manage threats to the financial system caused by the rapid growth of digital assets.
The Basel Committee on Banking Supervision, which writes standards for lenders worldwide, said it plans to hold banks that have exposure to volatile cryptocurrencies, which also include Ethereum, to stricter capital requirements than other asset classes.
Banks should hold more capital against the risk of a change in the value of a crypto asset, its potential default or the potential default of the buyer, the committee said....
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