2025 Deadline Set: Basel Watchdog Demands Public Reporting Of Bank Crypto Hol...
Introducing a groundbreaking proposal, the Basel Committee, consisting of banking regulators from major global financial hubs, has mandated standardized disclosure of crypto assets by major banks starting from January 2025. This initiative’s primary objective is to strengthen “market discipline” by providing investors with an all-encompassing insight into the digital currency holdings and activities of these […]
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The UIAF, which is the Colombian money laundering watchdog, has postponed the date on which exchanges and individuals must start reporting their transactions to the organization. The institution will now open a consulting period in which companies and individuals can present their thoughts regarding the proposed regulation, which might be modified before its application on June 1st.
Colombian Watchdog Delays Report Resolution for Transactions
The UIAF, the organization that controls and detects money-laundering and terrorism-financing activities in Colombia, has delayed a....
The Basel Committee on Banking Supervision has proposed dividing crypto assets into two groups and regulating them based on their market, liquidity, credit, and operational risks to banks. Cryptocurrencies, such as bitcoin, will be subject to “a new conservative prudential treatment.” Crypto Regulation Proposed by Basel Committee on Banking Supervision The Basel Committee has proposed regulating crypto assets based on their risks to banks. The Bank of International Settlement (BIS) published the committee’s public consultation on “preliminary proposals for the....
The Financial Services Commission (FSC) in South Korea has set a deadline for foreign and local crypto exchanges to register as legal trading platforms. The financial watchdog has set a September 24 deadline for exchanges to comply. This requirement is part of an effort to tighten oversight of the country’s exuberant crypto sector. Consequently, nearly two-thirds […]
Some former customers of the now-defunct China-based digital currency exchange FXBTC are reporting that its operators are still holding customer funds, and that their attempts to retrieve their holdings have been unsuccessful. Reports suggest these customers did not receive word that the exchange was shutting down, and as a result, did not withdraw funds before a deadline set by FXBTC. The exchange announced it would close due to pressure from the country's central bank on 2nd May, informing customers at the time that they would have until 10th May to withdraw funds from the exchange.....
Volatile cryptocurrencies such as Bitcoin would also be subjected to a 1,250% risk premium. On Thursday, the Basel Committee on Banking Supervision suggested during its second consultation on the prudential treatment of crypto-asset exposures that banks limit their exposure to so-called Group 2 crypto assets to just 1% of their Tier 1 capital. Group 1 digital assets consist of tokenized traditional assets, such as synthetic stocks, or those with effective stabilization mechanisms, such as regulated stablecoins. Under the new proposal, Group 1 digital assets would be subject to at least....