As a seasoned crypto investor with over a decade of experience in the market, I welcome the news of the one-year postponement of the Basel Committee’s new crypto asset regulations. The regulatory landscape is a crucial factor in the adoption and growth of cryptocurrencies, and this extension provides more time for policymakers to establish a clear and consistent framework across borders.
The Group of Central Bank Governors and Heads of Supervision (GHOS), which oversees the Basel Committee on Banking Supervision, has pushed back the implementation timeline for banks’ new crypto asset regulations by twelve months. The revised deadline now stands at January 1, 2026.
The Basel Committee’s Group of Governors and Heads of Supervision have acknowledged “notable advancements” in the process of implementing Basel III. They remain firmly committed to achieving complete and uniform adoption at the earliest opportunity.
— Bank for International Settlements (@BIS_org) May 13, 2024
In December 2022, the Basel Committee introduced these standards as a response to address the financial risks associated with crypto assets, all while allowing the banking industry to explore new opportunities in a prudent manner.
This delay aims to provide member countries with additional time to establish a unified and clear-cut regulatory structure for crypto assets. The Global Harmonized System (GHS) facilitates this process, ensuring a level playing field among nations and contributing to a more balanced global economy.
The report reveals that regulators are adopting a prudent stance towards crypto assets, striking a delicate balance between fostering advancement and preserving financial security. The extended preparation period allotted to banks grants them ample time to adjust to the impending regulatory frameworks.
Read More
- CRK Boss Rush guide – Best cookies for each stage of the event
- Fortress Saga tier list – Ranking every hero
- Glenn Greenwald Sex Tape Leak: Journalist Cites “Maliciously Political” Motives
- Mini Heroes Magic Throne tier list
- Grimguard Tactics tier list – Ranking the main classes
- Cookie Run Kingdom Town Square Vault password
- Castle Duels tier list – Best Legendary and Epic cards
- How to Prepare and Dominate the Awakened Hollyberry Cookie Update
- Hero Tale best builds – One for melee, one for ranged characters
- Overwatch Stadium Tier List: All Heroes Ranked
2024-05-14 05:57