Basel Committee Proposes Crypto Disclosures by Banks from January 2025

Global banking regulators on Tuesday proposed a standardised format for major banks to disclose their holdings of cryptoassets from January 2025 to support "market discipline" by giving a complete picture to investors.

The Basel Committee of banking regulators from the world's main financial centres agreed new rules last December on how much capital banks should hold to cover different types of cryptoassets. On Tuesday, they set out for public consultation how the holdings should be disclosed to investors.

"Under the proposals, banks would be required to disclose qualitative information on their activities related to cryptoassets and quantitative information on exposures to cryptoassets and the related capital and liquidity requirements," the Basel Committee said in a statement.

Banks would also be required to provide details of the accounting classifications of their exposures to cryptoassets and crypto liabilities, it said.

The public consultation ends on Jan. 31, 2024.

(Source: Reuters)