The Basel Committee on Banking Supervision of the Bank for International Settlements (BIS) plans to hold public consultations on the regulation of cryptoassets.
According to a press release on the BIS website, a meeting was held last week at which Basel Committee members discussed the need for public consultations on cryptoasset regulation, as well as the risks of the coronavirus pandemic for the banking system.
The committee discussed changes in the market related to cryptoassets and the next steps to develop a prudential regime for banking operations with cryptoassets.
While only a limited number of banks are currently dealing with cryptoassets, continued growth and industry innovation, coupled with heightened interest from some banks, could heighten concerns about global financial stability and risks to the banking system in the absence of a defined regulatory approach to the industry.
The members of the Basel Committee agreed to hold public consultations to find out the views of external stakeholders on the structure of banking regulation of cryptoassets. The consultation paper will be published this week.
Recall that in April, the President of the Bank for International Settlements (BIS), AgustÃn Carstens, said that issuing the digital yuan earlier than other state cryptocurrencies would not give China a “first mover advantage.” Earlier, Carstens called on regulators to tighten control over cryptocurrencies.
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