BIS approves proposed rules for banks to disclose cryptocurrency exposure

ChainCatcher news, the Bank for International Settlements (BIS) approved the proposed regulations on banks' disclosure of cryptocurrency risk exposure. The Basel Committee on Banking Supervision (Basel Committee) under the Bank for International Settlements approved the proposed regulations on banks' disclosure of cryptocurrency asset risk exposure and amendments to the prudential supervision of cryptocurrency assets at its meetings held on the 2nd and 3rd of this month.

This will require banks to disclose information on their risk exposure to virtual assets, including trading activities and holdings. The Basel Committee began developing proposed regulations in December 2022 with the aim of establishing standards and providing sufficient information for risk assessment of virtual assets. The Basel Committee will publish more details on the proposed rules later this month. The finalized rules will apply from 2026.