The Basel Committee wants to oblige banks to disclose data on cryptocurrency assets – Bits Media

Basel Committee for Supervision of the Bank of International Settlements (TO) published an offer to introduce a mandatory reporting form for commercial banks, revealing degree of exposure to cryptocurrency risks.

The proposed rules for disclosing information are under public discussion and should enter into force 1 january 2025 of the year. According to the proposals, Commercial banks will be required to disclose qualitative and quantitative information about activities, associated with crypto actures. Including information on compliance with the requirements for their own capital and liquidity in financial investments in digital assets.

“Banks will be obliged to provide shareholders and supervisory authorities with comprehensive information about the accounting classification of their risks by crypto assets and crypto binding”, - believes the supervisory authority.

The supervision committee awaits, that the disclosure of information will contribute to the observance of market discipline, will help reduce information asymmetry between banks and market participants. Interested parties have the opportunity to participate in the discussion of the BIS proposal before 31 january 2024 of the year.

In December 2022 the Basel Committee presented
The final version of the proposal to limit the capital of the first level, which commercial banks can be stored in digital assets.