GHOS endorse global bank prudential standards for crypto assets and the Basel Committee's work program
The Group of Central Bank Governors and Heads of Supervision (GHOS), the Basel Committee's oversight body, endorsed a finalized prudential standard on banks' crypto asset exposures on 16 December 2022. Supported was also the Basel Committee's work program and strategic priorities for 2023/2024 (see details below).
GHOS endorsed a finalized prudential treatment for banks' exposure to crypto assets. With this, conservative prudential treatment will be applied to unbacked crypto assets and stable coins that lack effective stabilization mechanisms. Global regulation of banks' exposure to crypto assets will be reinforced by the standard, promoting responsible innovation while maintaining financial stability. As agreed by members of GHOS, the standard is expected to be implemented by 1 January 2025, and the Committee will be responsible for monitoring the standard's implementation and effects.
In addition, the GHOS endorsed the strategic priorities and work program of the Committee for 2023/2024. This work program emphasizes the identification and assessment of emerging risks and vulnerabilities in the global banking system while also prioritizing the digitalization of finance, climate-related financial risks, and monitorization, implementation, and evaluation of the Basel 3 framework.
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