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Christopher Wilson addresses critical issues in financial investigations at the GIR Live: Asia-Pacific Investigations Summit 2024. (Read More)
Commit-Boost, supported by Eigen Labs, is set to move towards audit and production on the Ethereum mainnet, enhancing validator rewards and network security. (Read More)
YGG is partnering with Parallel TCG to host a $100,000 prize pool tournament at the YGG Play Summit.
Circle's 'Unlocking Impact' pitch competition series returns at the UN Summit, showcasing innovative projects aimed at achieving the UN's Sustainable Development Goals. (Read More)
The co-founder discussed a practical application of proof of personhood during the Web3 Transitions Summit at Token2049.
Crypto interest groups could determine whether Democrats or Republicans have a majority in the US Senate in 2025 by backing candidates in crucial November races.
Congressman John Rose would make the agencies work together and listen to user and industry representatives.
After backing two losing candidates in Arizona primaries on July 30, the crypto-backed Fairshake PAC and its affiliates could claim up to four new victories in congressional races.
To mitigate risks associated with public blockchain networks, the paper proposed appointing an entity with the authority to control and limit access to cryptocurrency assets.
The GAM3 Awards 2024 will hold its first-ever in-person ceremony in the Philippines.
Amid a market downturn, ABS2024 attracted Fortune 500 CEOs, investors, and global founders to Taipei.
Canaan Inc. announces participation in Rosenblatt's 4th Annual Technology Summit, focusing on AI and Bitcoin mining ASICs. (Read More)
The US Senate Committee on Armed Services urges the Department of Defense to explore blockchain for national security applications, including supply chain management.
Julia Leung's keynote at the Bond Connect Anniversary Summit 2024 highlights market integration and future prospects. (Read More)
The draft will face a final vote on Tuesday.
The conservative Sentinel Action Fund supports four pro-crypto U.S. Senate candidates.
EIP-7732 aims to make things easier for Ethereum validators by splitting their tasks and creating a committee to check if transactions are revealed on time.
The Basel Committee on Banking Supervision has confirmed the approval of a final disclosure framework, which includes a standardised set of tables and templates for banks to report their crypto asset exposure, the organisation announced yesterday (Wednesday).
A Proper Disclosure Framework
The decision was finalised as the organisation met virtually on 2 and 3 July to discuss various policy and supervisory incentives. The framework will be published later this month and will be effective from 1 January 2026.
At its July meeting, the #BaselCommittee approved a disclosure framework for banks cryptoasset exposures and agreed to make targeted amendments to its cryptoasset standard #BaselIII https://t.co/D62XJBuuc7 pic.twitter.com/VHYvHepvXA
Bank for International Settlements (@BIS_org) July 3, 2024The disclosure framework was originally proposed in December 2022 and opened for comments in May 2023. It includes a set of target amendments to the original proposal and revisions to the prudential standard for stablecoin holdings.
These revisions aim to further promote a consistent understanding of the standard, particularly regarding the criteria for stablecoins to receive a preferential 'Group 1b' regulatory treatment. The updated standard will be published later this month, with an implementation date of 1 January 2026, the official announcement stated.
The committee has been evaluating banks' exposure to cryptocurrency since 2019. In 2021, it suggested categorising crypto in its high-risk Group 2 assets, assigning it a 1,250% risk weight. This would necessitate banks to hold capital equivalent to the value of their crypto exposure. Additionally, Group 2 holdings would be limited to less than 1% of the value of their Group 1 holdings.
Stablecoins were assigned a new 1b designation, exempting them from additional requirements beyond those for Group 1 assets. However, stablecoins with "ineffective stabilisation mechanisms" were placed in Group 2. The proposed restrictions received a lukewarm response from the industry.
Evaluating the Risks
The organisation's members further discussed the prudential implications of banks as potential issuers of tokenised deposits and stablecoins. The scale and stability of such products depend in part on their specific structure and judicial laws and regulations.
Based on current market developments, these risks are broadly captured by the Basel Framework, the announcement added. The Committee will continue to monitor this area and other developments in the cryptoasset markets.
Meanwhile, the European Union recently imposed Markets in Crypto-Assets Regulation (MiCA) on stablecoin issuers. So, stablecoin issuers need to follow MiCA, along with the Basel Committee, when they are effective.
This article was written by Arnab Shome at www.financemagnates.com.In the wake of former U.S. President Donald Trump’s address at the U.S. Bitcoin Summit, Hong Kong lawmaker Johnny Ng has ignited discussions about the potential inclusion of Bitcoin in financial reserves. Ng, a prominent Hong Kong Legislative Council figure, took to X to underscore the significance of Trump’s remarks and their implications for global […]
The committee is unveiling the standards later in July, culminating a yearslong process.
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