Bank capital rules for cryptoassets due by year end

A representation of the virtual cryptocurrency Bitcoin is seen in this picture illustration taken October 18, 2021. REUTERS/Edgar Su

LONDON, Sept 13 (Reuters) – The global Basel Committee of banking regulators will complete work on "robust" rules for how banks must set aside capital to cover cryptoassets on their books, the committee's oversight body said on Tuesday.

"On cryptoassets, members reiterated the importance of designing a robust and prudent regulatory framework for banks’ exposures to cryptoassets that promotes responsible innovation while preserving financial stability," the Group of Central Bank Governors and Heads of Supervision (GHOS) said in a statement.

"The GHOS tasked the Committee with finalising such a framework around the end of this year."

Reporting by Huw Jones;
Editing by Alison Williams

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Source:www.reuters.com