#cryptovalute , the new rules for banks are postponed by a year

The decision of the group made up of central bank governors and heads of supervision (GHOS) which reports to the Basel CommitteeThe international rules on the management by banks of their exposures to crypto assets will come into force in January 2026, one year after expected in the past. This was decided by a group made up of central bank governors and the head of supervision (GHOS) which reports to the Basel Committee. The decision was motivated by the need to ensure that all members fully implement the new rules. The consultation initiated by Ghos himself will continue until the end of this year at the end of which a further review is expected. The Basel Committee is the main reference body worldwide for the prudential regulation of banks and constitutes a forum for cooperation on banking supervision. Its mandate is to strengthen the regulation, supervision and practices of #banche s around the world with the aim of improving financial stability. The Committee reports to the Group of Central Bank Governors and Heads of Supervision and requests its support for major decisions. The Committee has no formal supranational authority and its decisions have no legal value. Rather, the Committee relies on the commitment of its members to carry out its mandate. The Group of Central Bank Governors and Supervisory Heads is chaired by Tiff Macklem, Governor of the Bank of Canada. The Basel Committee is chaired by Pablo HernĂĄndez de Cos, governor of the Bank of Spain.

The objective of the new regulation

The regulatory framework aims to preserve financial stability and promote responsible innovation. “The standard, approved by the GHOS in December 2022, provides a robust and prudent global regulatory framework for internationally active banks' exposures to #cryptoasset that preserves financial stability while promoting responsible innovation, yes reads in a note from the Bank for International Settlements. During the meeting the GHOS took stock of the state of implementation of the pending Basel III reforms, which were finalized in 2017. During the meeting it emerged that "good progress in implementation”: approximately two-thirds of member jurisdictions will have implemented all, or most, of the standards this year, while the remaining jurisdictions plan to do so by next year. GHOS members then unanimously reaffirmed their expectation to implement all aspects of the Basel III framework fully, coherently and as soon as possible but the series of shocks that have hit financial markets in recent years have convinced the group again the importance of having a prudent global regulatory framework.#DeFi #BTC