As a step has been taken in the scope of cryptocurrency services by the banks and those services have been taken care of, then the standard organisations are now going to propose those methods through new means, in which the traditional financial institutions will be able to hold the crypto currency and its Also of course the Basel Committee which is the standards body for banks globally has finalised these rules and will work on the necessary elements to allow crypto currency exposure for banks and assets Will define or divide into two distinct parts with the first group consisting of companies with stable coins and tokens while the second will include other cryptocurrencies. The guidelines announced by the institution on December 16 recommends the bank to have a maximum crypto installation target of one per cent of their capital while the committee sets two per cent as the maximum amount of crypto that the bank can hold. able to keep and are fully prepared for that process.
Stablecoins, which are a part of the first group and thus considered to be following strict rules, will certainly be able to achieve these with the help of an industrial speed.
This new set of rules will be the result of the third consultation among the members and through this second set of rules we can understand that after receiving criticism of some of the decisions adopted as part of its second iteration it will be completed on 30 June was published and for example most versions of the document include crypto asset hedging and set a 100% full fee for it whereas in the previous version there was no mention of it and if we look at the importance of the crypto framework Talking about crypto assets, the chairman of this committee and governor of the Bank of Spain, Pablo Hernandez de Casas, says that the committees’ standards on crypto assets are emerging financial institutions and to reduce risk and act in a globally coordinated manner. presents yet another example of commitment and rickshaw and capability.
In October it was determined by the Basel Committee that banks around the world were exposed to $9 billion worth of cryptocurrency assets and a direct example of this was introduced.
The rules related to cryptocurrency may start to come into force by 1st January 2025 and surely it will be introduced with more changes and more changes will be considered under it as the committee will be able to improve agriculture with banks and monitor its behaviour.Surely these rules made by the committee are able to give a good authority to the banks regarding crypto exchange and it is expected that these rules can be implemented by January 1, 2025 and other types of changes and other types of Improvement can be implemented in commerce and banking sector and apart from this, with the help of these rules, you can understand through these members of the committee that definitely the rules of the banks will be better disseminated in this scheme.
