It will be determined by the end of this year what standards banks must comply with when transacting with cryptocurrencies.
The Basel Committee on Banking Supervision has undergone an evaluation process with the participation of external stakeholders on how banks that include cryptocurrencies in their activities should act.
According to the statement made today, the results obtained during this process will be shared in a new report to be published next month.
Subordinate to the Bank for International Settlements (BIS), the Basel Committee on Banking Supervision operates globally and sets standards for prudential regulations in the banking sector.
The committee, headquartered in Basel, Financial crises similar to 2008 In order to prevent this, he had tightened the capital requirements sought in banks.
According to the Basel Committee’s statement today, in addition to the report to be published next month, the precautionary regulations covering the relationship between banks and cryptocurrencies completed at the end of this year is planned to be.
The committee used the following statements in the statement: “The importance of creating a global precautionary framework that can mitigate the risks of crypto-assets has been demonstrated by recent developments.”
The Committee mentioned “improvements”brings to mind the TerraUSD (UST) crisis in the Terra ecosystem.