In a landmark move, the **Bank for International Settlements’ (BIS)** affiliated committee has endorsed a pivotal decision on cryptocurrencies. Authored by Mete Demiralp, the announcement was made public on July 3, 2024, at 19:00, with the latest update provided 28 minutes prior to your request.
The **Basel Committee on Banking Supervision**, a global authority in banking risk standards, has given the green light to an innovative disclosure framework targeting banks’ interactions with cryptocurrencies. Slated for deployment in early 2026, this initiative is part of a global effort by central banks to bolster market discipline and transparency, ensuring that adequate data is accessible for thorough risk evaluation.
The committee, operating under the BIS umbrella, has indicated that additional specifics will be unveiled later in the month. The framework, which encompasses an array of accessible tables and templates, aims to provide a detailed account of banks’ cryptocurrency dealings. This development follows a comprehensive analysis of feedback gathered from a consultation initiated in December 2022. Banks will be mandated to furnish both qualitative insights into their cryptocurrency ventures and quantitative data regarding their crypto holdings.
In a related development, the committee has also sanctioned specific amendments to the crypto-asset prudential standard. These modifications are designed to foster a uniform grasp of the standard, especially concerning the conditions under which stablecoins may qualify for the advantageous ‘Group 1b’ regulatory categorization. The committee’s statement assures that the amended standard will be published by the month’s end and is anticipated to be in effect by early 2026.
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