Debbie Tonnies, head of regulation at JPMorgan, said the establishment of a regulatory framework would allow banks to start advising their clients on investing in cryptocurrencies.
Debbie Toennies noted that some clients of the US investment bank JPMorgan have asked to hedge their risks. However, in order for banks to officially start working with the crypto assets of their large clients, global cryptocurrency regulation is needed.
Now the Basel Committee of the Bank for International Settlements is developing rules for the work of banks with crypto assets. However, JPMorgan experts believe that they will be ready at least in a year. JPMorgan is in talks with regulators to establish “temporary rules” for banks wishing to deal with crypto assets.
“We are concerned that if the regulatory framework is not developed in the near future, the activities of banks will go beyond the existing rules. This will jeopardize the financial system,” Tonnies said.
Recall that in September last year, several major European banks, including JPMorgan and Deutsche Bank, opposed the requirements of the Basel Committee on investments in cryptocurrencies.
Source: Bits
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