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The first proposed global capital standards for cryptoassets got an endorsement from the group of central bankers that oversees the Basel Committee on Banking Supervision.
The Governors and Heads of Supervision (GHOS) formally backed the Basel Committee’s proposed prudential standard for cryptoassets, and its strategic priorities for 2023–2024.
“Today’s endorsement by the GHOS marks an important milestone in developing a global regulatory baseline for mitigating risks to banks from cryptoassets,” said Tiff Macklem, chair of the GHOS and governor of the Bank of Canada, in a release.
Earlier this year, the Basel Committee proposed its approach to setting capital requirements for banks’ crypto exposures, which imposes high capital standards on “unbacked cryptoassets and stablecoins with ineffective stabilisation mechanisms.”
Now, the members of the GHOS have agreed to implement the standard by Jan. 1, 2025.