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ARTICLE · 01 JULY 2021

Basel Committee Issues Guidance On Prudential Treatment Of Cryptoasset Exposures

McCarthy Tétrault
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On June 10, 2021 the Basel Committee on Banking Supervision ("Basel Committee") issued a public consultation paper (the "Report"), requesting comments on its preliminary proposal for the prudential...

CanadaTechnology
TechLex Blog
TechLex Blog
Ana Badour
Ana Badour
Gabriel Rincon (Summer Student)
Gabriel Rincon (Summer Student)
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On June 10, 2021 the Basel Committee on Banking Supervision ("Basel Committee") issued a public consultation paper (the "Report"), requesting comments on its preliminary proposal for the prudential treatment of banks' exposure to cryptoassets. Currently, banks do not have large exposures to cryptoassets. However, the Basel Committee was of the view that the absolute size of the cryptoasset market and the unique risks it presents warranted more policy guidance.

The Basel Committee previously offered some guidance on these risks. In March 2019, the Basel Committee released a newsletter on the minimum supervisory expectations for banks that acquire cryptoassets or provide related services. In addition, in December 2019, the Basel Committee published a discussion paper with views from stakeholders on the prudential treatment of cryptoassets.

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