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.
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