Regulators assess banks exposure to cryptocurrencies
Global banking regulators are assessing the size of banks’ exposure to “crypto-assets” such as bitcoin and looking at introducing capital safeguards, in a move that could deter banks from embracing the nascent market.
A report from the Financial Securities Board (FSB) has revealed that the Basel Committee on Banking Supervision (BCBS) is “conducting an initial stock take on the materiality of banks’ direct and indirect exposures to crypto-assets”.
The report investigated the dangers concerning cryptocurrency exchanges following recent hacks, such as Bithump. It said crypto exchanges may be failing to comply with laws applicable to exchanges. It also considered that some cryptocurrency platforms may fall within the remit of securities regulators.
Continue reading
This content is not freely available. To access 'Regulators assess banks exposure to cryptocurrencies' you need to be one of the following:
-
ACA student
-
This content is available to ACA students. If you want to start the ACA qualification there are several routes you can take
-
Business and Finance Professional
-
An internationally recognised designation and professional status from the ICAEW.
-
Financial Services Faculty: Banking
-
Expert analysis of trends and challenges in banking and technical resources in financial reporting, auditing and regulation.
-
Financial Services Faculty: Insurance
-
Expert analysis of trends and challenges across insurance services and technical guidance on new standards and regulation.
-
Financial Services Faculty: Investment Management
-
Expert analysis, specialist support and trusted technical guidance for investment management professionals.