Basel Committee to Revisit Bank Virtual Asset Rules
Summary
- The Basel Committee on Banking Supervision (BCBS) said it plans to revise the banks' virtual asset exposure rules.
- The current rules treat stablecoins the same as high-risk assets such as Bitcoin and Ethereum.
- Market participants emphasized that regulated and clearly asset-backed stablecoins' risk is lower, calling for regulatory changes.
Banks around the world are increasingly likely to take a more flexible stance toward virtual assets (cryptocurrencies).
On the 31st (local time), Bloomberg reported that the Basel Committee on Banking Supervision (BCBS) plans to revise the banks' crypto-asset exposure rules established in 2022.
The committee's review is driven by the recently rapidly growing stablecoin market. In particular, in the United States, the recent passage of the Genius Act allowing the payment use of stablecoins has created a need to establish a new regulatory framework, analysts say.
Under current Basel rules, stablecoins issued on public blockchains are subject to the same level of capital requirements as high-risk assets such as Bitcoin or Ethereum. Market participants have criticized this as unreasonable, saying, "Regulated stablecoins with clear asset backing carry much lower risk."
The Basel Committee is a key international body that sets global banking regulatory standards, establishing capital adequacy, risk management, and supervisory standards. Regulations such as Basel III aim to strengthen the stability and resilience of the global banking system.
Son Min
sonmin@bloomingbit.ioHello I’m Son Min, a journalist at BloomingBit
